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GBPUSD Technical Update – 22/10/2012
Our GBPUSD technical update on Friday afternoon highlighted the previous price support zone between 1.5970 and 1.6000 and noted that the level may well provide support again. The daily pound/dollar chart below (figure 1) shows this level has held so far this week as a base and cable bears could not push price under this area during the Asian session. GBPUSD is currently trading up 0.12% on the day at 1.6023. Intra-day price action can be seen on the 15 minute chart below (figure 2). The european session had cable well supported and peaking around the 1.6050 handle. A strong drop came after price broke the ... (full story)
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