GBP/USD Forecast August 15, 2012, Technical Analysis

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The GBP/USD pair had a bullish session on Thursday, but for the second day in a row failed to hang on to gains above the 1.57 level. This is two shooting stars in a row, and this suggests to us that it is really struggling to get any higher.

We see the 1.57 level as the beginning of resistance all the way up to 1.58, and need to see this level give way in order for us to get bullish of this pair. With the two shooting stars in a row, and this suggests to us that we are going to see lower prices first, but with all of the noise and the higher lows previously made in this pair we are simply not willing to sell at this point as we think there will be plenty of buyers to push prices back up.

Again, we are overall bullish on this pair, but need to see the 1.58 level overtaken by the buyers first. Until that happens, we are not interested in going long. In order to sell this pair, we would need to see the 1.55 level give way in order to do so. At that point in time, we think that being aggressive may be the way to go.

GBP/USD Forecast August 15, 2012, Technical Analysis

GBP/USD Forecast August 15, 2012, Technical Analysis

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About:FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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law

“The GBP/USD pair had a bullish session on Thursday”. Tuesday u mean as we are yet to get to thursday. Good job u are doing bro.