© Dukascopy
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Daily maximum: 1.5775
Daily minimum: 1.5634
The British pound commenced moving downwards on new worries over the European Debt crisis amidst the UK economy shows no signs of a sustainable recovery. As a result, the market mean at 1.5806 remained untapped today. Bullish traders should closely watch the resistance levels at 1.5882, 1.5960 and 1.6110 if the bullish reversal occurs; a breach of the first support line at 1.5732 indicates the last two support lines - 1.5659 and 1.5509 – are likely to be tested as the daily market trading signals point at a strongly bearish momentum.