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Forex: GBP/USD: Pound bounces at 1.6370 to test 1.6475

Thu, Jun 11 2009, 09:21 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Pound has bounced at 1.6370 after the BoE released its CPI expectations and the pair has rallied to test yesterday's high at 1.6475 reaching levels right below 1.6500.

In case of breaking above here, next resistance levels would be at 1.6500 and above here, 1.6550 and 1.6600. On the downside, support levels could be at previous intra-day high 1.6435, and below there, 1.6370 and intra-day low at 1.6335.

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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