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GBPUSD Classic Technical Report 10.11.2012

GBPUSD Classic Technical Report 10.11.2012

2012-10-11 06:22:00
Ilya Spivak, Head Strategist, APAC
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Prices are testing support at 1.5996, the 38.2% Fibonacci retracement level. A break lower exposes the 50% retracement at 1.5899. Near-term falling trend line resistance is at 1.6142. A push above this boundary broadly clears the way for another challenge of the 1.63 figure.

GBPUSD_Classic_Technical_Report_10.11.2012_body_Picture_5.png, GBPUSD Classic Technical Report 10.11.2012

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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