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GBPUSD Classic Technical Report 08.10.2012

GBPUSD Classic Technical Report 08.10.2012

Ilya Spivak, Head Strategist, APAC

Prices remain locked in a tight consolidation range. The pair is testing resistance in the 1.5638-62 area marked by a former horizontal support and the 38.2% Fibonacci retracement, with a break higher exposing the 1.5769-84 region. Near-term support is at a rising trend line set from the June 1 low, now at 1.5520, with a push below that initially exposing 1.5484. Current positioning doesn’t offer an actionable trade setup and we will stand aside until a clear directional bias reemerges.

GBPUSD_Classic_Technical_Report_08.10.2012_body_Picture_5.png, GBPUSD Classic Technical Report 08.10.2012

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

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