GBP/USD - Weekly technical Outlook

21 November 2009 @ 08:25 am EDT

GBP/USD edged higher to 1.6875 but reversed from there and fell sharply since then. The break of 1.6516 support indicates that a short term top is formed with bearish divergence conditions in 4 hours MACD. Initial bias remains on the downside this week for 1.6250 support first. Break there will confirm that whole rise from 1.5706 has completed and will bring retest of this support next. On the upside, above 1.6574 minor resistance will turn intraday bias neutral and bring recovery. But risk will remain on the downside as long as 1.6875 resistance holds.

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