GBP/USD Mid-Day Outlook

Jul 22 2010

GBP/USD drew support from near term rising channel and recovers today. Outlook is basically unchanged. Another rise could still be seen with 1.4947 support intact. Decisive break of 1.5521 resistance will confirm that whole fall from 1.7043 has completed at 1.4230 already and target 61.8% retracement of 1.7043 to 1.4230