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GBP/USD – The strong resistance at 1.6302 is challenged
• GBP/USD made an intraday bearish reversal near the strong resistance at 1.6302, increasing the likelihood of an upcoming short-term phase of weakness. Monitor the hourly support at 1.6193 (intraday low). • GBP/USD is moving in a long-term horizontal range defined by the strong support at 1.5235 (13/01/2012 low) and the strong resistance at 1.6302 (30/04/2012 high). The general overbought conditions suggest that a decisive break to the upside is unlikely. • EUR/USD has broken the strong resistance at 1.3172 (17/09/2012 high). However, yesterday's intraday bearish reversal close to the resistance at 1.3284 ... (full story)