GBP/USD Forecast August 24, 2012, Technical Analysis

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The GBP/USD pair attempted to continue higher on Thursday, but got old back instead in order to form a hammer. This hammer is essentially anchored at the 1.59 level, and as such it looks like we may be pulling back to confirm the breakout. Because of this, we are looking for some type of supportive candle in the vicinity of the 1.58 handle.

If we do get that supportive candle, we are more than ready to go along of the cable pair, and as such right now we see absolutely no chance of selling this pair.

 

GBP/USD Forecast August 24, 2012, Technical Analysis

GBP/USD Forecast August 24, 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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