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17.09.2012 11:05 AM
GBP/USD Intraday Technical Analysis and Trading Recommendations for September 17, 2012

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The GBPUSD pair continued its bullish movement last week  recording a high at 1.6254.

As seen on the daily chart above, the price broke through a long-term trendline resistance suggesting a further bullish scenario at least towards 1.6315 corresponding to 78.6% Fibonacci.

The view remains bullish in short-term testing 1.6300 – 1.6350 zone.

Intraday support is seen around 1.6160. However, an obvious break below that level could lead price to neutral zone in nearest term testing 1.6130-1.6050, while a longer-term support is seen around price level  1.5920 (50% Fibonacci Level).

Summary
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Mohamed Samy
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