GBPUSD Classic Technical Report 07.20.2012
Prices are testing resistance at 1.5721 after clearing the top of a falling channel set from the July 20 high, with a Hanging Man candlestick hinting a pullback may be ahead. Initial support lines up at 1.5662, with a break below that exposing the channel top (now recast as support) at 1.5584. Alternatively, a breach higher targets 1.5777.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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