FX.co ★ GBP/USD Intraday Technical Analysis November 7, 2011

GBP/USD currency pair found a strong resistance off the level around 1.6100 which is 61.8% Fibonacci of the last swing down.

We can witness many failure attempts to breakthrough this level then we had a bearish breakout of the bullish channel marked on the chart.

We suggested a short position around 1.6000 at the retest of the broken channel & it's going in our favour till now.

SL should be 4H closure above 1,6050 & Profits should be taken every 50 pips till 1.5800.