THE BRITISH POUND IS CONSOLIDATING, OR PROBING LOWER VALUES?

GBP/USD has been wandering up and down in recent weeks, stuck in a wide consolidation. The bears seem to be having the upper hand now, but can their gainful series continue? Let's examine the chart's standing this very moment (charts courtesy of www.stooq.com)

GBP/USD has extended losses for the third session running, hinting at the bulls' strength. Or rather, the lack thereof as the recent highs coupled with the upper border of the purple consolidation and the upper border of the green rising trend channel may be too strong for them.

Today's downswing took the pair below the bullish gap created at the beginning of the week.Should we see the gap closed, and a breakout above the upper border of the blue consolidation invalidated, we'll consider closing our long positions.

We hope you enjoyed reading the above free analysis, and we encourage you to read today's Forex Trading Alert - this analysis' full version. There, we discuss also the current situation in EUR/USD and USD/CAD. The full Alert includes more details about our current positions and levels to watch before deciding to open any new ones or where to close existing ones. There's no risk in subscribing right away, because there's a 30-day money back guarantee for all our products. And besides, you can still subscribe to our Alerts at very promotional terms - it takes just $9 to read the details right away and then receive follow-ups for the next three weeks. Subscribe today and stay informed at very preferred terms.

Thank you.

Nadia Simmons
Forex & Oil Trading Strategist

Sunshine Profits - Tools for Effective Gold & Silver Investments

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All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.