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03.05.2012 05:01 PM
GBP/USD - Strong Support at 1.6170 - May 3, 2012 (Daily Strategy)

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The British pound was trading slightly lower, although it had a very strong support at 1.6170. This level had been acting as a strong resistance for a few months, which now became a strong support.
Therefore, if there were a pullback to the maximum - 1.6280 – it will be recommend to sell at that level or if the pair breaks a strong support - 1.6170 - and closes below that level, we recommend selling in both cases with the objectives at 1.6003.

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