FX.co ★ GBP/USD Intraday Technical Analysis August 5, 2011

Bearish engulfing daily candlestick enhances the previously mentioned DAILY DOUBLE TOP pattern.

Price is still finding support at 1.6200 1.6250, it needs to be broken to open the way for the bears.

This support prevents the pair from declining and visiting 1.6000-1.6040.

Multiple tops on the 4H chart, the neck-line is found at 1.6230 - 1.6250.

4H closure below the neckline confirms the pattern targeting 1.6145, 1.6076 then 1.6025.