GBP/USD Technical Analysis September 27, 2011

GBP/USD had a strong day on Monday as traders bought risk around the globe. The cable popped back over the all-important 1.55 handle, and it looks like the area is going to be massively supportive at this point. The pair looks like it is ready for a bounce, but with the way it has acted recently, we still prefer selling at this point. However, we will need to see weakness at higher levels from which to sell now that we have made this bounce.

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