FX.co ★ GBP/USD candlestick analysis for September 21, 2011

Earlier in a 4-hour graph the GBP/USD pair formed a Falling Three Methods combination that gives us a bearish signal.
This combination was formed amid a downside movement after the pair could not break the resistance level near 1.6600, which means that the bulls could not solidify here and the bears started to increase their influence. At the same time each rollback was considered as a pause before further decline.
Break of the support level 1.5565 will denote that this point of view is correct. In this case we should expect a downfall to the support level 1.5344.
It is worth mentioning that stop loss should be placed slightly above the 1.5932 level as its break will allow the pair to reach 1.6200.