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Currencies GBP Trade Idea of the Day for March 13th – Long GBP/USD

By Jamie Saettele, CMT

Long GBP/USD at market (current 1.4915) stop 1.4790 targets 1.5220 and open.

The GBPUSD reversed from just below the 61.8% retracement of the 2009 range (1.3500-1.7042) yesterday. Weakness from 1.5221 has taken the form of a wedge (ending diagonal) with a slight throwover (quick drop below the wedge support and reversal). Reversals from wedges are often quick and the target is the origin of the pattern (in this case 1.5221).