GBP/USD Technical Analysis August 2, 2011

The GBP/USD pair fell hard on Monday as traders failed to break above the 1.65 level. This area has been identified by us as a potentially major resistance area, and as such – we were ready. The level will continue to hamper rising rates in this pair. A break of the low on Monday gets us short again. A daily close above 1.65 would be impressive, and could get us long.

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