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GBP/USD continues to decline inside the Descending Triangle chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 5 bar level, which corresponds to the average Initial Trend (5 bars), lower Uniformity (4 bars) and higher Clarity (6 bars). This chart pattern continues the previous daily downward price impulse from the major level of resistance 1.6600 (which had previously reversed GBP/USD down in May and August of the last year, as is shown on the second chart below). Both of the connecting points of the lower support trendline of this Descending Triangle (points C and D on the chart below) formed when the pair reversed up from the strong support 1.5300 (from which the pair corrected up sharply in September and December of 2010). GBP/USD is expected to continue downward movement in the direction of the lower support trendline of this Descending Triangle.
The following daily GBP/USD chart shows pervious price action close to the technical price levels mentioned above:
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