GBP/USD Technical Analysis

 | Dec 22, 2011 03:23AM ET

The pound depreciated against the Dollar after failing to break above 1.6120 (38,2% Fibo level of downside trend to 1.5327). After breaking through the support at 1.5777 (bottom from 07.2011) the cable put on target the 1.5487 and 1.5270 levels. In the longer term resistance lies at 1.6545-85 and 1.7030 (tops in the past).