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Old 27th February 2012, 19:13
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Default GBP/USD Intraday Technical Analysis 2012-02-27

The spot rate is moving in a medium-term trading range approaching its upper limit in the point 1.5930, indicating a possible decline. However, the breakdown of these levels will reveal a large potential that will initiate the bullish trend.

Technical indicators provide signals for SELL-deals, confirming the assumption of a decline that is expected to take place soon. For the last days Bollinger bands have tightened significantly showing a decline in volatility and the beginning of a violent movement.

Proceeding from the previous events, the market indicates a bullish opportunity as soon as the spot rate will has broken its resistance in the point 1.5930 with a 1st objective seen at 1.5990 and at 1.6030 levels. If the level 1.5910 is passed through, the scenario will be reversed.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group 2007-2012
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