In an earlier post (” GBPUSD keeps the momentum going as buyers remain in control “) the technical case for the bulls was made with the price extending up trendline resistance at 1.6216 and 1.6226. When trends accelerate, the traders who trade against the trend need to prove they can take back control. They could not (low reached 1.622736) and the selling stopped. Where to now? The price is now looking to enter the consolidation area from July to August in 2011. The low close price from August 12 to August 30th came in at 1.62785 (on August 25th 2011). This is the next upside target. Above that looks toward the ... (full story)