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30.05.2012 10:09 AM
GBP/USD Intraday Technical Analysis

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The spot rate is currently testing the intermediate support of its medium term bearish channel at 1.5600 and is likley to rebound. However, a break through these levels will reveal good potential enabling to reach its lower limit 1.5530.

Technical indicators provide buyers signals and as long as the support level is unbroken, the rebound is most likely to take place. Bollinger bands are much discarded resulting from the strong recent decline. The situation is expected to stabilize soon. 

Considering previous events the market will provide a bullish opportunity at the level of 1.5600 with 1.5660 and 1.5680 seen as first targets. A breakdown of 1.5580 level will reverse this scenario.

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