GBP/USD Technical Analysis (British Pound / US Dollar)

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February 7, 2013 1:33 AM EST

Updated the:
GBP/USD : Downtrend triggered

Sentiment :



--- Follow up analysis ---
The pair GBP/USD made ​​a new pullback at the end of last week on the resistance at 1.5883 (formerly 1.5895). Thereafter, the price has resumed its downtrend and the breakout of 1.57 gave us a new sell signal. All the last lows have been broken. On the medium term, the price continues to evolve below the lower limit of its medium term bearish channel (purple lines). The lower band just acted as resistance.

We continue to advise short positions as far as 1.5815 is resistance. The bearish sentiment is reinforced by the presence of a new short-term downtrend channel (brown lines). The support at 1.55 is now our next target. This level should be achieved if the minor support at 1.56 is broken.

In case of return above 1.5815, we will be neutral between this level and 1.5883.
Full analysis

Analysis published by Bruno, the 02/06/2013 at 08h30 GMT+2

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