GBP/USD Technical Analysis for July 8, 2011

GBP/USD fell again on Thursday as traders are starting to shun owning the Pound across all markets. We maintain that the 1.59 mark is crucial if the bulls want any hope of staying in control That area looks more and more likely to be violated, and the NFP announcement today could be that catalyst. We don’t buy this pair anymore, rather preferring to sell rallies, and will get aggressively short on a break of the 1.59 level.

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Forex Mansion