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Wednesday, March 25, 2009

GBP/USD: Pound is back below 1.4650, its previous range

The Pound is back to its previous range, testing the 1.4650 support. It jumped to 1.4740 after Geithner affirmed he's willing to consider the Chinese plan to a global reserve currency.

Below 1.4650, next support level could be 1.4595 (Mar 19 and 20 high), and below here, intra-day low at 1.4540. On the upside, bouncing up at 1.4650, next resistance level could be 1.4720, and above there, 1.4775 (Mar 24 high).

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