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GBPUSD Classic Technical Report 07.17.2012

GBPUSD Classic Technical Report 07.17.2012

Ilya Spivak, Head Strategist, APAC

Prices are probing past resistance at 1.5647, the 50% Fibonacci expansion, to test above the upper boundary of a falling channel set from the June 20 high. A break above the latter barrier exposes the 61.8% Fib at 1.5707. Near-term support remains at 1.5586 marked by the 38.2% expansion for the time being but would be revised higher to 1.5647 on a confirmed break above that level.

GBPUSD_Classic_Technical_Report_07.17.2012_body_Picture_5.png, GBPUSD Classic Technical Report 07.17.2012

8hr 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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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