1. A method for classifying an image representation of a handwritten word of cursive script, said method comprising: optically reading a handwritten word so as to form an image representation thereof comprising a bit map of pixels; extracting a pixel contour of said bit map; detecting vertical peak and minima pixel extrema on upper and lower zones of said contour respectively; detecting local vertical peak pixel extrema on an upper zone of said external contour by determining if a given local pixel is a vertical peak relative to neighbouring pixels; detecting local vertical minima pixel extrema on a lower zone of said external contour by determining if a given local pixel is a vertical minimum relative to neighbouring pixels; organizing said peak and minima pixel extrema into respective independent peak and minima sequences comprising extracting features at each said extrema and further classifying extrema into two sequences of extrema on respective said upper and lower zones of said word image pixel contour; determining the respective feature vectors of said peak and minima sequences; and classifying said word image according to said peak and minima feature vectors, wherein at least one or more of said features extracted at each said extrema is selected from the group consisting of: the number of local extrema neighboring a given said extrema on a same closed curve of said word image contour, said local extrema having a convex attribute corresponding to that of said given extrema; the number of local extrema neighboring a given said extrema on a same closed curve of said word image contour, said local extrema having a different convex attribute from said given extrema; the lesser of the height difference between a given said extrema and a left neighbouring extrema and of the height difference between said given extrema and a right neighbouring extrema, wherein said left and right neighbouring extrema have convex attribute corresponding to that of said given extrema; the lesser of the height difference between a given said extrema and a left neighbouring extrema and of the height difference between said given extrema and a right neighbouring extrema, wherein said left and right neighbouring extrema have a different convex attribute than that of said given extrema; the number of peaks above a said given extrema divided by the total number of peaks on said pixel contour; the number of peaks below a said given extrema divided by the total number of peaks on said pixel contour; the y/h position of said given extrema, wherein y represents the y-axis coordinate of said given extrema and h represents the height of said word image; the lesser of a contour portion length between a given said extrema and a left neighbouring peak and of a contour portion length between a given said extrema and a right neighbouring peak, wherein said neighbouring peaks and said given extrema are on a same closed curve; the lesser of a contour portion length between a given said extrema and a left neighbouring minima and of a contour portion length between a given said extrema and a right neighbouring minima, wherein said neighbouring minima and said given extrema are on a same closed curve; the lesser of a height difference between a given said extrema and a left neighbouring peak and of a given said extrema and a and right neighbouring peak, wherein said neighbouring peaks and said given extrema are on a same closed curve; the lesser of a height difference between a given said extrema and a left neighbouring minima and of a given said extrema and a and right neighbouring minima, wherein said neighbouring minima and said given extrema are on a same closed curve; the height ratio of a given said extrema and neighboring left and right extrema as defined by 
 (y A −y tl )/(y n −y tln ) wherein a given said extrema is represented by A, a lowest extrema of said left or right neighbouring extrema is represented by n, y tl represents the y-coordinate of the top-left corner of a said contour or a said closed curve, y tln represents the top-left corner of a said contour or a said closed curve where point n is located y A and y n represent the y-coordinate of A and n respectfully; the distance between a given said extrema and a vertical intersection point; and any combination thereof.