GBP/USD Signal - May 2, 2013
The GBPUSD pair is currently testing the 50% Fibonacci retracement with a uptrend which is less and less marked. In this context, a return to the lower retracement is the most likely hypothesis in a long-term trend which remains bearish. Investors will therefore attempt a bearish trade to bet on the failure of the market to overcome this resistance level. The stop-loss will be placed above the retracement at 1.5620.
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