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    GBP/USD - Weekly and Monthly Pivot Points for July 02 - 06, 2012

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    Technical outlook and chart setups:

    Silver is trading around the level of $15.05 after hitting lows at $15.00 overnight. Please note that the metal is trading right around its fibonacci 0.618 support around $15.00/20 as depicted here. Furthermore, the metal had taken out resistance at $15.85 earlier, and is expected to move higher towards $16.40/50. It is hence recommended to remain long for now with risk at $14.30 . Immediate support is seen at $14.50/60 followed by $14.30 and lower, while resistance is seen at $16.40 followed by $17.20 and higher respectively.

    Trading recommendations:

    Remain long, stop is at $14.30, a target is open.

    Good luck!

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