The GBPUSD was corrected lower yesterday, bottomed at 1.6220 and closed at 1.6228. Price has been moving strongly to the upside since bounce from 1.5817 two weeks ago so any downside pullback is normal but overall I remain bullish on this pair and still prefer to buy on dips. Immediate support is seen around 1.6150. A clear break below that area would activate my wait and see mode and turn my short term technical bias to a bearish view. CCI is moving lower on daily chart suggest potential bearish pullback and bullish exhaustion. Immediate resistance is seen around 1.6250 followed by 1.6300. A clear break and daily close above 1.6300 could continue the bullish scenario testing 1.6350 1.6470 region.
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Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009