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Cable made the bounce?

GBPUSD on 15 minute chart

GBPUSD on 15 minute chart

Well, we have seen a nice move up from Cable this morning, and a pull back to the 61.8% Fibonacci level.  If price had managed to break this level then  we could have possibly seen it retrace all the way back to the start of the trend.

Not only did it bounce off the 61.8% support, can you see another indicator of support?  The 50 day MA?  It is looking like the bounce we are waiting for.  This current candle must close up though.

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23/07/2009 - Posted by | Education, Forex Updates, General, Potential Trades | , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

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