GBP/US DOLLAR (June 13th 2011, 1.6235)

Sterling now has resistance around the mid 1.6300’s and there is clear potential for a break below the 1.6060 level over coming days, to herald a probable sell-off toward 1.5850, enroute to the 1.5400 level.

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Max McKegg

The potential for a larger decline to 1.5010 is illustrated in the Weekly chart below.

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