GBP/USD Bearish Outlook ,February 04, 2011 (Daily Strategy)

GBP/USD

The British Pound - United States dollar pair executed a sharp rise the day yesterday reaching a record high of 1.6250, after it had retreated 130 pips and then close the day around 1.6130. Its failure to close over the 1.6200 resistance level is, in and of Itself, a sell signal.

We note the Japanese reversal pattern That shape with yesterday's daily lock.

In view that the pair has broken its support level of 1.6130 is a signal for an immediate entry into a sale agreement with two realization Goals, the first at 1.6010 and 1.5820 at the second United States dollars for one British pound.