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GBP/JPY - Technical improvements visible
No recent higher high. • EUR/USD is starting to lose momentum as can be seen by the lack of a higher high since August 23. Moreover, the rising wedge (a bearish technical pattern) is still intact. A break of the support at 1.2431 (22/08/2012 low) is needed to suggest the end of the rise that started at 1.2043. • Given the lack of base formation, the recent strength in EUR is seen as a rebound within an underlying downtrend. We would therefore look at signs of weakness coupled with overbought conditions to initiate a new short EUR position. Grinding higher. • GBP/USD has successfully tested its short-term up ... (full story)
