GBP/USD Forecast August 22, 2012, Technical Analysis

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The GBP/USD pair had an extraordinary day on Tuesday as it finally broke above the recent resistance level. However, the market is resistive all the way to the 1.58 handle, and we did not manage to close above that level. This move during the Tuesday session does suggest that we are getting ready to do so, but in till we get a clearance above this minor cluster overhead; it is difficult to go long at this point.

We certainly wouldn’t sell this market however, and as long as the Federal Reserve minutes come out later today and suggest some type of easing is possible, this pair more than likely will clear this hurdle during the session. If it does not, we see the 1.57 level as support now. On a daily close above this 1.58 handle we are more than willing to go long.

GBP/USD Forecast August 22, 2012, Technical Analysis

GBP/USD Forecast August 22, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the 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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