GBP/USD : Simple Chart Reading

• Last traded at 1.6348.
• Monthly : Big trend is down. Rally since Jan09 is merely a retracement. At some point, the big downtrend will resume.
  
• Weekly : Difficult to draw any conclusion worthy of a trade from here. Near term support at 1.6244.
• Daily : Looks like a rounding top forming. Taking out 1.6270 on the downside would give rise to a series of lower highs and lower lows since the 1.6877 high made on 16Nov09 = new downtrend (but not my favored timescale).
• Overall : Not ready for a big trade yet. Has potential to become one though. Need the weekly to morph into something which excites (perhaps a double top with NL at 1.5705?).