GBP/USD Technical Analysis August 15, 2011

The GBP/USD rose after first falling on Friday, but fell short of closing above the 1.63 level that previously indentified the bottom of the consolidative action in the market. The market will have to close above 1.63 to be considered worthy of a long, but to be honest we see a lot of sloppiness in the 1.63 to 1.65 range. Because of this, there will be easier and cleaner charts to trade in the near-term.

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