Technical Analysis: GBP/USD 2012.05.01
The uptrend was capped by 1.6300, so in a short-term we look for corrective declines towards the 1.6165 resistance-turned-support or the 1.6080 support, from where a bullish resumption could take place. However, a break below the 1.6080 support would extend declines towards the 50-Day SMA by 1.5910 or the 200-Day SMA by 1.5840. Only a clear break above 1.6300 would confirm the upside rally towards the 1.6750 high.
Edward Smith, technical analyst of company Admiral Markets.
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