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GBP/USD Intraday Technical Analysis and Trading Recommendations for July 11, 2012

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Technical outlook and chart setups:

The GBP/CHF pair cleared the way to the levels of 1.5200/30 yesterday and is trading around 1.5220 now. Please note that immediate support is seen at 1.5050 and bulls shall remain in control until prices stay above that level. It is recommended to remain flat at the moment and watch for a reaction around 1.5050. Immediate support is found at 1.5050 followed by 1.4950, 1.4800, and lower while resistance is seen at 1.5250 and higher respectively. Any bearish setup is ruled out until the level of 1.4950 remains intact.

Trading recommendations:

Remain flat for now.

Good luck!

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