GBP/USD: 1.6430 is now the key
May 4th, 2011
After recovering strongly towards the 1.5650 area, the pair resumed its bearish momentum and entered Asian session below 1.6500, immediate resistance zone. 4 hours charts show a probable bearish continuation template, as per small range consolidation in after the early Europe slide. 1.6430 is now the key level to watch as stops below should be big: lose of that level, should trigger a continuation rally towards the 1.6370/80 area, followed later by 1.6320 price zone.
A recovery above 1.6520 could signal a retest of 1.6550/60 area yet only an acceleration above this one could send the pair back towards the 1.6600 price zone.
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