GBP/USD Technical Analysis for the Week of August 15, 2011

The GBP/USD pair continues its range bound behavior between the 1.65 and 1.60 areas, and we think this will continue. It should be noted we got a nice bounce in the previous week on Thursday, but it still wasn’t enough to break the range. The pair looks like a short-term trader’s market, and longer-term trading will be very difficult until we break below 1.60 or above 1.68.

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