GBP/USD Technical Analysis September 12, 2011

The GBP/USD pair fell hard on Friday after forming shooting star candles the previous two sessions. As we mentioned before, this is a bearish sign, and it finally triggered on Friday to produce sell signals. The real fight is below, at the bottom of the hammer formed in July which is roughly the 1.5750 level. If we can get below that mark, this pair falls apart and becomes a longer-term sell. The 1.6000 level should serve as resistance for the time being. We are selling raliies.

Written by FX Empire