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Forex Analysis: GBP/USD Classic Technical Report 12.19.2012

By , Currency Strategist
19 December 2012 15:25 GMT

Prices broke above range top resistance at 1.6177 and are now testing above rising channel resistance at 1.6270 to challenge the September 21 high at 1.6309. A break above that targets the 114.6% Fibonacci expansion at 1.6380. The 1.6177 level has been recast as near-term support, with a drop below that eyeing the channel bottom at 1.6133.

Forex_Analysis_GBPUSD_Classic_Technical_Report_12.19.2012_body_Picture_1.png, Forex Analysis: GBP/USD Classic Technical Report 12.19.2012

Daily Chart - Created Using FXCM Marketscope 2.0

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

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19 December 2012 15:25 GMT