GBP USD Classic Technical Report 09.24.2012

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Prices continue to stall ahead of resistance in the 1.6259-1.6300 area, marked by the late April swing top. Initial support stands at a falling trend line set from April 2011, now at 1.6122. A break below that exposes the 76.4% Fibonacci retracement at 1.6057. Alternatively, a push above resistance targets the 1.65 figure and the 123.6% extension at 1.6544.

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