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Contributors Chart of the Day for June 4th, 2013 – GBP/USD

Ilya Spivak

Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. A break above resistance at 1.5307, the 50% Fibonacci retracement, has exposed the 61.8% level at 1.5377. A further push above that aims for the 76.4% Fib at 1.5465. The 1.5307 mark has been recast as near-term support, with a move beneath that eyeing the 38.2% retracement at 1.5236.


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