The chart shows my working count for GBP/USD for the last month. I think a bearish triangle is developing which could complete the whole rise started from this year€™s low 1.3503 (23.01.2009). If this is the case, one should expect at least 61.8 % retracement of this year€™s rise € the corresponding level is 1.4685. A firs signal for this extremely bearish idea is a fall below 1.6185 and confirmation € below 1.5800. A key resistance is yesterday€™s high 1.6601. With an eye on these extremely bearish expectations I entered yesterday a short position

Trading strategy: 08:56 EST; 13:56 GMT

Short position from 1.6530, stop loss - 1.6630, target € open

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.