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GBPUSD Classic Technical Report 08.22.2012

GBPUSD Classic Technical Report 08.22.2012

2012-08-22 08:17:00
Ilya Spivak, Head Strategist, APAC
Share:

Prices are testing resistance in the 1.5769-84 area, defined by the March 22 low and the 50% Fibonacci retracement. A break higher initially aims for the 61.8% Fib at 1.5906. Near-term support is in the 1.5638-62 region, marked by a former horizontal support set from mid-February and the 38.2% retracement. A push below this barrier targets a rising trend line set from the June 1 low (1.5559).

GBPUSD_Classic_Technical_Report_08.22.2012_body_Picture_5.png, GBPUSD Classic Technical Report 08.22.2012

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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