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Forex Analysis: GBP/USD Classic Technical Report 11.23.2012

By , Currency Strategist
23 November 2012 08:00 GMT

Prices bounced from support at a rising trend line set from the June 1 low (now at 1.5870) after completing a bullish Piercing Line candlestick pattern.Near-term term resistance lines up in the 1.5951-1.6003 area, with a break above that targeting the channel top at 1.6056. Alternatively, a drop below support aims for the bottom of a falling channel established from late September at 1.5785.

Forex_Analysis_GBPUSD_Classic_Technical_Report_11.23.2012_body_Picture_1.png, Forex Analysis: GBP/USD Classic Technical Report 11.23.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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23 November 2012 08:00 GMT