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12.11.2012 01:04 PM
GBP/USD Intraday Technical Analysis and Trading Recommendations for November 12, 2012

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The GBP/USD pair has been fluctuating heavily within the past few weeks after the broken DAILY bullish channel was retested around the price zone of 1.6160 - 1.6180, failing to maintain a directional trend.
The false breakout above the short-term descending resistance depicted on the 4H chart was maintained at Daily Resistance Level 1.6160. It activated the bearish scenario, which anticipates further downside pressure this week, possibly towards 1.5850 initially supported by the breakdown below 50% Fibonacci (1.5930) that took place on Friday.
The GBP/USD pair has been trapped within narrow consolidation range 1.6025 - 1.5925. It was broken with a potential target near price level of 1.5770.
Consolidation below the Intraday Support Price Level 1.5900 is necessary to maintain the bearish movement.

Support: 1.5880, 1.5780.
Resistance: 1.5920, 1.5950, 1.6030 

Mohamed Samy,
Analytical expert of InstaForex
© 2007-2025
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