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Forex Analysis: GBP/USD Classic Technical Report 11.19.2012

Ilya Spivak

Prices are retesting resistance at 1.5911, the 38.2% Fibonacci retracement, a barrier reinforced by the underside of a rising trend line support set from the June 1 low. A break above that exposes the 1.60 figure and a falling channel top at 1.6085. Initial channel support is at 1.5828, with a break below that targeting the 50% level at 1.5788. A short entry order set at 1.5850 has now been triggered.

Forex_Analysis_GBPUSD_Classic_Technical_Report_11.19.2012_body_Picture_5.png, Forex Analysis: GBP/USD Classic Technical Report 11.19.2012

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

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