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GBP/USD Technical analysis

18 may 2012

Pound broke the level of support at the upward trendline at 1.6020 and below follow the levels of 1.5420 and 1.5270 (low of October). In the opposite direction the price will meet resistance level at 1.5989 (50% Fibonacci correction decreased from 1.6744 to 1.5230), further resistance can be expected at 1.6300 (peak in late April). In the longer term - resistance level is 1.6600 (peak in August).

Support 1.6020 1.5420 1.4820
Resistance 1.6300 1.6600 1.7050