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Forex Chart of the Day Chart of the Day for May 6th, 2013 – GBP/USD

Prices confirmed a Shooting Star candlestick below resistance at the top of a rising channel with a bearish close on the following day’s bar, hinting a reversal may be underway. Near-term support is at 1.5385, the 14.6% Fibonacci retracement, with a break below that targeting the channel bottom at 1.5298. Channel resistance is now at 1.5603. We have entered short.

GBPUSD