Prices broke above range top resistance at 1.6177 to challenge rising channel resistance at 1.6257. A break above that targets the September 21 high at 1.6309. The 1.6177 level has been recast as near-term support, with a drop below that eyeing the channel bottom at 1.6122.

Forex_Analysis_GBPUSD_Classic_Technical_Report_12.18.2012_body_Picture_1.png, Forex Analysis: GBP/USD Classic Technical Report 12.18.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed