GBP/USD Pierced Floor on Weekly, Riding Downtrend On Hourly, Is Action Based On Yield, Growth or Sovereign Risk (CHARTS)

It appears that GBP/USD pierced through a floor from October on the weekly chart and is riding a downtrend channel on the hourly. If the Pound doesn't want to see the 1.40s, or perhaps double bottom, it needs to get back above that yellow line. Or in other words, the Dollar needs to "consolidate gains". Currencies in Europe are trying to sober up after the newsfest last week out of Greece, Portugal and Spain.  Here is a look at EUR/JPY last week.

GBP/USD (British Pound/US Dollar) Hourly Chart

GBP/USD Weekly Chart
(Charts courtesy of FreeStockCharts.com)

Forex: GBP/USD dips to a fresh 8-month low at 1.5530 (FXSTREET)
Dollar climbs as debt concerns linger (MarketWatch)
Dollar May Consolidate Gains (FXSTREET)
Debt problems weigh on equity markets (Report) (BHF Bank/FXSTREET)
2/5: British Pound May Remain Under Pressure As Yield Outlook Diminishes (DailyFX)
2/4: Morgan Stanley: Even We Can't Believe How Fast The Euro Has Unraveled (BusinessInsider)

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