While GBP continues to trade below the 1.6272 level, Feb 03'2011 high and within its symmetrical triangle, our bias remains lower to consolidation. Support lies at the 1.5819 level, its Jan 19'2011 low followed by the 1.5749 level and then the 1.5660 level, its Dec'2010 low. Its daily RSI is bearish and pointing lower supporting this view. Conversely, to resume its bullish strength, the pair must break and hold above the 1.6272 level with a loss of there turning focus to its Nov'2010 high at 1.6298. Further out, resistance lies at the 1.6455 level, its Jan 20100 high with clearance of that level aiming at the 1.6877 level, its Nov'2009 high. All in all, GBP is trapped with its triangle pattern, which it must break out of to resume its broader long-term uptrend.

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