Prices broke back below the 1.60 figure to expose the 38.2% Fibonacci retracement at 1.5911. A push below that targets rising trend line support at 1.5846 and the 1.5769-88 area. Alternatively, a reversal back above 1.60 aims for a falling trend line now at 1.6118.

Forex_Analysis_GBPUSD_Classic_Technical_Report_11.08.2012_body_Picture_5.png, Forex Analysis: GBPUSD Classic Technical Report 11.08.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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