GBPUSD Classic Technical Report 10.16.2012
Prices are testing resistance at a falling trend line set from the September 14 high, now at 1.6108, after bouncing from support at the 38.2% Fibonacci retracement (1.5996) as expected. A push above this boundary broadly clears the way for another challenge of the 1.63 figure. Alternatively, a break below support exposes the 50% retracement at 1.5899.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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