FX.co ★ GBP/USD Bearish Outlook, April 08, 2011 (Daily Strategy)

GBP/USD

The pound – US dollar pair has once again met the stubborn level of 1.6400, the same level that halted the climb of the pair during the previous wave of increases. the estimate is that this time the pair could well break through this level and will continue its positive upward momentum. Of course, there is the possibility of a reversal of the trend and a move to a drop in exchange rates

Therefore, a daily close below the first weekly resistance would lead to a low price around the 1.6190 level and then return to its upward trend.