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GBP/USD: Medium-Term Double-Top Validated
GBP/USD has broken its support area defined by 1.5829 (15/11/2012 low) and 1.5755 (28/08/2012 low). Further decline is expected as long as the resistance at 1.5893 (21/01/2013 high) holds. An hourly resistance is at 1.5827 (25/01/2013 high).
The break of the support at 1.5755 has validated a medium-term double-top (from 1.5829 to 1.6302). The implied downside risk is given by 1.5356.
GBP/USD is moving in a long-term horizontal range defined by the strong support at 1.5235 (13/01/2012 low) and the strong resistance at 1.6302 (30/04/2012 high).