It seems that this week May 17-21, 2010 the gbp/usd is going down the indicators are showing signs of no recovery. If the pair breaks below the 1.4473 level we can see it reaches the 1.4396 level. If the pair recover and break above the 1.5052 level it can reach 1.5127/25 level, but it seems the pair remains in the downside.
GBP/USD should go up to arond 1.7123 no kidding. It should get there between the 1st and 14th of December.
Disclaimer: This is just an assumption with a technical twist. This is in no way a signal service. I am not accountable for any loss.
I agree what you say.
I think is very important to break 1,60 resistance.
1.63-1.6350 appears to be a heavy congestion area. There will be a lot of dollars trading hands here, so don’t get caught up in the chop fest that is likely to occur. A lot of profit taking, sprinkled with breakout entries = a mess not to be dealt with for now.
And with EUR/USD having a major target/resistance at 1.4250, look for there to be a bunch of fakeouts coming soon.