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30.01.2012 10:26 AM
USD/CAD Survey according to the Point and Figure Charting for January 30, 2012

Daily chart: This pair has remained above the support level of 1.6766, where the GBP/USD has tried to make a breakout to continue falling. If the GBP/USD manages to make a rebound at that support level, it is expected to rise to the resistance level of 1.6851. For now, this pair continues forming a higher low pattern. The MACD indicator is entering negative territory.

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H4 chart: GBP/USD formed a fractal near the resistance level of 1.6820, where the pair remained strong in the bearish bias. If the GBP/USD manages to make a breakout at the level of 1.6762, the next target would be the support level of 1.6731. However, the GBP/USD could try to climb up the resistance level of 1.6900, because this pair is oversold.

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H1 chart: This pair has moved in a range for the last hours, below the resistance level of 1.6800. If the GBP/USD manages to make a breakout at the 1.6750 level, it would be expected to fall to the level of 1.6700, that is quite likely, given that the MACD indicator is entering overbought area.

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Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6750, take profit is at 1.6700, and stop loss is at 1.6800.

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