FX.co ★ GBP/USD Intraday Technical Analysis November 8, 2011

GBP/USD is now testing the resistance level at 1.6100 which is 61.8% Fibonacci level for the last swing down.

Also GBP/USD had a supply zone between 1.6080-1.6150 which is now being tested.

It's important to note that the current bullish move is weak as we can see integrated highs and lows of the waves.

Based on the previous analysis, we may have a bearish opportunity at the supply zone 1.6080-1.6150 with any 4H reversal signs.

SL should be 4H closure above 1.6150 which will be a LONG entry signal.