GBP/USD Technical Analysis for July 14, 2011

The GBP/USD pair rose rapidly on Wednesday as it was suggested by Ben Bernanke that possible quantitative easing is in the cards in front of Congress. Because of this, the USD sold off against almost everything in the markets. With this latest move, it gives the Pound a bit of a reprieve for the moment. However, as risk gets shunned on the next shock to the markets, we would still expect this pair to fall. Because of this, we are looking at this move as a possible signal to start looking for rallies to sell at higher levels.

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Forex Mansion