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GBP/USD Technical Analysis 04.24.2013

By , Currency Strategist
24 April 2013 12:25 GMT

GBP/USD Technical AnalysisPrices are testing below support at the bottom of a rising channel (1.5202), with a break downward on a daily closing basis exposing the 23.6% Fibonacci expansion at 1.5054. Near-term resistance is at 1.5408, the 38.2% Fib retracement. A push above that targets 1.5586, the intersection of the channel top and the 50% retracement.

Forex_GBPUSD_Technical_Analysis_04.24.2013_body_Picture_1.png, GBP/USD Technical Analysis 04.24.2013

Daily Chart - Created Using FXCM Marketscope 2.0

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--- Written by Ilya Spivak, Currency Strategist for

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24 April 2013 12:25 GMT