GBPUSD Classic Technical Report 08.23.2012
Prices are testing resistance at 1.5906, the 61.8%Fibonacci retracement, with a break higher exposing the 1.60 figure and the 76.4% level at 1.6057. Near-term support lines up in the 1.5769-84 area, defined by the March 22 low and the 50% Fib. A push back below that sees support is in the 1.5638-62 region, marked by a former horizontal support set from mid-February and the 38.2% retracement.
Daily Chart - Created Using FXCM Marketscope 2.0
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