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Thursday, January 18, 2007

GBP/USD: Trips Stops Above 1.9700, Offers at 1.9710 Tested

Cable is currently probing for touted sell interest at 1.9710, after tripping stops above 1.9700. Additional stops are tipped at 1.9720. These could further inflate GBP/USD towards 1.9730 if tripped. 1.9730+ resistance levels are located at 1.9752 (Jan 3 high), 1.9800, 1.9849 (Dec 1, 14-year peak), 1.9900, and 2.0000.

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