GBPUSD: Ranges Hold But Bias Bearish

Ilya Spivak, On Friday December 31, 2010, 4:26 am EST

Strategy: Pending short

GBPUSD is little changed from what we noted last week, with priceslocked in consolidation above support at 1.5348, the swing bottom from late August. Near-term resistance remains at 1.5528, with the overall picture looking bearish as long as prices remain within the falling channel established from the swing top in November. As it stands, positioning is not attractive to enter a trade at present and we will continue to monitor price action for selling opportunities.

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GBPUSD: Ranges Hold But Bias Bearish

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Tags: DailyFX, december 31, economic reports, GBP/USD, swing 98

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