On July 31th, the break up of the Double-Top signalized by the yellow arrows at 1.6673/1.6696 resistance level unleashed the Bulls.
But the release, last Friday Aug 07th, of the US Unemployment rate lower than expected (9.4% against the expected 9.6%) was quite Bullish to the USD, thus Bearish to the GBP, pushing prices back into the now support zone 1.6696/1.6673.
A strong Bearish Divergence at MACD and RSI favours the bears (see yellow arrows).
My strategy is to enter SHORT at 1.6696 with target 1.6600.
WATCH OUT for the 1.6600 support area, which will coincice with the first of the 2 important Bullish Trendlines. I´ll add SHORT positions at break of 1.6600.
