GBP/USD fell again for the week to form a shooting star at the bottom of the massive range it has been in lately. The 1.53 to 1.55 level looks to be a massive neckline on an even more massive head and shoulders pattern that measures down to the 1.40 level. The pair is risk sensitive, and the UK is overly exposed to the EU right now. With that in mind, and the fact that the Dollar is being bought hand over fist, we are sellers in this pair, either on rallies, or a break below the 1.53 level.
GBP/USD Forecast for the Week of January 9th, 2012, Technical Analysis
Originally posted here
