GBP/USD analysis (July 07, 2011)

Cable remains under pressure with now a break back below 1,60 which opens the door to the 1,59 level. A break below this level would expose further decline towards 1,58 and beyond.

GBP/USD: daily chart

The pair might accelerate its decline over the coming sessions considering the long term technical outlook. Again, 1,59 will be a key level to watch.

Only a break above 1,6150 would leviate the downside pressure and open the door for a bounce towards 1,63.