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25/03/2014: I have just sold GBP/USD @ $1.65058

The near term outlook remains under pressure and I see any bounce as a chance to sell now. Today’s reaction to in line inflation data for the UK has been mildly positive without any sharp move and I have taken this as my chance to sell.

I have placed my stop at $1.6546 (40 pips) above yesterday’s spike high at $1.6536 which was also bang on the 50% Fibonacci retracement of the $1.6250/$1.6822 move.

I expect a retest of $1.6459 on the way ultimately towards the $1.6380 target from the top pattern completed below $1.6580.

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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.