GBP/USD Technical Analysis July 28, 2011

The GBP/USD pair fell hard on Wednesday, totally erasing the gains that the market made on Tuesday. The pair had gotten close to the 1.65 psychological number and failed. The market is at a critical point at the moment, as the 1.63 area looks to be supportive. If it goes – this pair falls hard. We don’t like buying as the up move happened far too long ago, but on a meltdown – we are sellers.

Written by FX Empire