GBP/USD Forecast August 16, 2012, Technical Analysis
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The GBP/USD pair had another bullish session on Wednesday, but then again still cannot break above the 1.57 level for any significant amount of time. Because of this, it looks like this market is starting to run into massive resistance, and although it looks like a screaming sell at this point in time we see a lot of upward pressure below. With this in mind, we want to buy this currency pair above the 1.58 level, but are willing to sell it until we get below the 1.55 level. In the meantime, we think that this market will be very choppy and therefore not very interesting.
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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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