GBP/USD continues to fall inside the Triangle chart pattern identified by Autochartist on the 4-hour charts. Autochartist rates the overall Quality of this chart pattern at the 3 bar level as a result of the low Initial Trend (rated at the 2 bar level) and below-average Uniformity and Clarity (both rated at the 4 bar level). This chart pattern continues the preceding sharp daily downward price thrust (which started in the August of 2011) from the strong level of resistance 1.6600 (which had been reversing GBP/USD down from the middle of 2009, as is shown on the second chart below). The top of this chart pattern (point A on the chart below) formed when the pair failed to break up above the strong resistance area standing at the confluence of the round price level 1.6000 and the 50% Fibonacci Retracement of the aforementioned downward price impulse from the August of last year. The pair is expected to fall further in the nearest time.
The following weekly GBP/USD chart demonstrates the technical price levels mentioned above:
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