GBP/USD Technical Analysis for April 29, 2011

The GBP/USD is forming a massive shooting star today, which shows massive weakness. The truth is that there is simply too much support underneath to sell with any conviction, and that the market is likely to find one of those levels, and continue up from there. (The levels are 1.65, 1.64, and 1.63) Selling is risky, but being patient for a pullback and supportive action should reward the buyer over time.

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