GBP/USD Technical Analysis August 8, 2011

The GBP/USD pair rose on Friday, as the Non-Farm Payroll numbers came out with an addition of 117,000 jobs in July. The market seems to be stuck in a range between 1.62 and 1.65, and as such, we feel that the market will stay in that range. Because of this, the market being at roughly 1.6380 tells us that we will more than likely get a shorting chance soon. We look to sell weakness near 1.65 on a weak candle.

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