GBP/USD
May 10th, 2008
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GBP/USD is trading within wedge-like pattern with downward bias. Friday support @ 1.9500 was broken but the lower boundary of the wedge was able to stop the down move. Support now is @ 1.9460 and if broken the market will target 1.9330/40. If EUR could extend its upside movement it could help the cable to overcome the 1.9600 resistnace and rally to 1.9780 and even 1.9970.
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