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GBP/JPY technicals: range trading likely

By   || July 5, 2009 at 22:18 GMT
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gbpjpydaily

I see the daily chart in a consolidative wedge pattern with parameters at 153.60 and 159.30. These ‘bearish’ wedges can sometimes become reversal patterns and as such I have a bearish bias on this pair. I will consider selling rallies back towards 158.50 with relatively wide stops initially above 160.50.

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