GBP/USD 08/11/2011

November 8, 2011

There is a possible test of recent highs near 1.6160 so look to sell rallies near there. The next decline should be sizeable and possibly retest W.(d) low of 1.5270 in a couple of weeks. A break of the 1.6160 high opens a path towards next significant resistance near 1.6270 (also 138.2% of W.A circle.

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