GBP/USD Technical Analysis August 24, 2011

For the last 5 sessions, the GBP/USD has tried to break through the 1.65 level. While it can do that, it simply cannot stay above that level. Tuesday saw a shooting star form from this level, and the technical set up is certainly to the downside. The breaking of the bottom of the Tuesday candle signals selling, and this could lead to the lower levels of the recent consolidation area, which would have us looking for 1.61 roughly. A break to the upside would have to break the Friday highs in order to get us bullish of this pair.

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