GBP/USD Technical Analysis for August 5, 2011

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GBP/USD fell precipitously on Thursday as traders found nothing but a wall of fear out there. The markets have turned decidedly bearish, and the Dollar is a bastion of safe haven trading. The jobs report us due out today, and could push this market around. If we can break below the 1.62 level – this market goes much farther down. We think the 1.65 level is going to be massive resistance, and sells could be done there.

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