Forex Analysis: GBPUSD Classic Technical Report 10.29.2012
Prices are pulling back from falling trend line resistance set from mid-September (1.6142) eyeing support at the 1.60 figure. A break below that targets the 38.2% Fibonacci retracement at 1.5911. Alternatively, a reversal back above the trend line on a daily closing basis broadly exposes the 1.63 mark.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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