From the market point of view and based on the daily charts, the British pound is against the U.S. Dollar in a downtrend. The recent correction first phase ended with a reverse stick in the range of 61.8% Fibonacci level at 1.6165 USD. This signal was then confirmed in the further course, when prices were trading below the low of the reversal bar - a sustainable downward trend but remained out of date. Instead came a series of internal rods, which are from 1.6092 to 1.5890 USD From the rank of the outer rod 01.11. and continued until last Thursday to move. In addition to the still valid reverse bar in daily chart, is now in the child-H4 chart another reversal signal in the form of a 1-2-3-reversal and confirmed at least at this level, the downward trend. Impetus for the further price development and increased volatility are possible today with the following economic and speech events:
10:30 GB producer prices in October
15:55 U.S. November consumer sentiment University of Michigan
19:15 U.S. FOMC Member Yellen speaks

GBPUSD 11.11.2011 - Daily

GBPUSD 11.11.2011 - H4