GBP/USD Technical Analysis for May 5, 2011

The GBP/USD fell today, bounced, and then fell again, only to end up relatively unchanged. The market looks weak still, as the bounce was the direction that was pushed back the furthest, and weakness could still be in the forecast for it. However, we fully expect to see the 1.63 area hold as support, as it was so important in the recent past. Look for buying opportunities in that area if it proves supportive yet again.

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