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GBP/USD - British Pound Dollar, European Session - 04/07/08

03 Jul, 2008 @ 11:13 pm EST

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1,9841. GBP USD broke 1,9850 support. GBP USD is in a consolidation after the last bearish movement. The volatility decreases. Bollinger bands are tightened. 4H ForexSto (Modified Stochastic) indicate a bearish pressure on GBP USD. The consolidation should continue. The price should find a support above 1,9800. If the support is broken then the target will be 1,9600.
We are waiting for a break of support to take a short position.

Resistances: 1,9850 - 1,9910
Supports: 1,9800 - 1,9775

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