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GBPUSD Classic Technical Report 07.25.2012

GBPUSD Classic Technical Report 07.25.2012

2012-07-25 05:35:00
Ilya Spivak, Head Strategist, APAC
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Prices put in a Bearish Engulfing candlestick pattern below resistance in the 1.5722-69 area and broke back into the middle of the familiar range carved out since early June. Initial rising trend line support lines up at 1.5484, with a break below that exposing 1.5392. Key resistance remains in the 1.5722-69 region.

GBPUSD_Classic_Technical_Report_07.25.2012_body_Picture_5.png, GBPUSD Classic Technical Report 07.25.2012

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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