GBP/USD Technical Analysis Aug 1, 2011

The GBP/USD pair rose again on Friday as lawmakers in the US simply cannot come to an agreement involving the US debt ceiling and national deficit. The longer this continues, the more likely we are to see weakness in the USD. The UK already has austerity measures in place, and as such….is a safer bet at the moment. The 1.65 did hold, so we think upside gains are limited at this point. Choppy conditions are probably the short-term trading conditions.

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