GBP/USD continues to decline after recently breaking the Triangle chart pattern that was previously identified by Autochartist on the daily charts – as you can see form the following trade opportunity alert for this currency pair. GBP/USD is expected to fall to the target level 1.6116 in the next 3 days. The stop-level for this forecast is set by Autochartist at 1.6594. This stop-level stands very close to the major resistance level 1.6600 (which has been reversing the pair down from the middle of 2009) as well as 38.2% Fibonacci Correction of the earlier sharp downward impulse from the end of 2007 to the start of 2009 (as is shown on the second chart below).
The following monthly GBP/USD chart shows the aforementioned resistance levels: