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GBP/USD Classical Technical Report 02.23

By Joel Kruger, Technical Strategist
23 February 2012 07:19 GMT
Daily_Classical_GBPUSD_body_gbp2.png, GBP/USD Classical Technical Report 02.23

GBP/USD: Rallies have once again been well capped ahead of the 200-Day SMA in favor of yet another bearish decline. But setbacks have stalled by some key multi-session support by 1.5645, and it will take a break and close back below this level to officially force a shift in the structure and accelerate declines. Until then, expect some more choppy consolidation and potential range trade.

--- Written by Joel Kruger, Technical Currency Strategist

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23 February 2012 07:19 GMT