GBP/USD Technical Analysis August 23, 2011

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The GBP/USD pair attempted to break above the 1.65 level again on Monday, but was pushed back as traders sold the Pound at this massive resistance level. The stock markets found themselves selling off later in the day, and this in turn became a reason to sell risk-related things such as the Pound. The 1.65 level represents the top of the recent trading range, and it seems that it will remain in place for the short-term. A break below the lows on Monday would be a sell signal for a few hundred pips, as we should run to about 1.61 or so if we do break that level.

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