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GBP/USD bulls are losing their breath

The graceful upward trajectory staged by the GBP/USD on the daily chart, finds an offsetting bearish harami, a pattern comparable to an Western inside bar.

Prices challenged the 21-period 2-standard deviation upper band by printing outside of its boundaries in the last two days. The bearish pattern also happens in the context of a 14,3,3-sensitive stochastic tracking above the 80 mark. Although this oscillator assumes that prices tend to close near their high in an upwardly trending market, it should now react with any eventual daily close near the lows.

Traders might seach for this price confirmation as well as an invalidation of the pattern in the form of a new daily high.

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Optimism vanishes from the FTSE

Heading into the close the FTSE 100 is 20 points lower, as China weakness takes its toll yet again. - Indices post losses for second day - China CPI hits Asian-focused names - Copper weakness points to difficult period for global economy Indices have failed to win back any of the ground lost yesterday, as the higher open for the FTSE 100 this morning gave way to a fresh bout of losses. Chinese CPI was one of the chief culprits, with the FTSE’s underperformance today versus other European
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