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GBP/USD Technical Analysis 04.26.2013

GBP/USD Technical Analysis 04.26.2013

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical AnalysisPrices broke above resistance at 1.5408, the 38.2% Fibonacci retracement, exposing a rising channel top at 1.5527 and the 50% level at 1.5586. The 1.5408 mark has been recast as support, with a reversal back below that eyeing the channel bottom at 1.5228 and the 23.6% retracement at 1.5216.

Forex_GBPUSD_Technical_Analysis_04.26.2013_body_Picture_5.png, GBP/USD Technical Analysis 04.26.2013

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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