GBP/USD Breaks Above 1.6386

Very Short-Term Trend: Sideways

GBP/USD Analysis, August 8, 2011

Outlook: As expected GBP rallied to 1.6386 level on Friday. Earlier today it broke above this level and then this level acted as support when the pair retreated from the intra-day top at 1.6476. This action causes the oulook to be quite bullish. What remains to be seen is a firm break abv 1.6470. Once that happens, we will expect a sharp move higher toward 1.6650.
On the downside, a firm break below 1.6386 negates, and risks pullback toward 1.6200....

Strategy: Longs favorable at 1.6430. Stop=1.6380. Target=1.6630. 

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