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Forex: GBP/USD hits fresh daily high at 1.5468

By FXstreet.com,  August 25, 2010, 11:51:00 AM EDT

FXstreet.com (Córdoba) - The Pound rose barely above previous daily highs against the Dollar and reached 1.5468. The pair is holding near the 1.5460 zone, above immediate resistance levels lie at 1.5480 (highest price of yesterday's American session); 1.5505 (Aug 24 high) and 1.5530. Support levels are located at 1.5420 and 1.5390 (daily low).

GBP/USD continues to carry a bearish bias according to James Chen, chief technical analyst at FX solutions, and a strong break below the 1.5350 area could target 1.5120, "which also coincides approximately with a 50% Fibonacci retracement of the noted bullish trend run".




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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