GBP/USD Forecast August 27, 2012, Technical Analysis

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The GBP/USD pair fell heavily on Friday as the market retested the 1.58 level for support. Looking at this chart, it is a bit concerning that the pair closed at the absolute lows for the session. However, it is an area that we should start to see some type of support come into the market. With this in mind, this would be one of the more interesting pairs to watch going forward, and we would in fact buy a supportive candle all the way down to 1.57. If the 1.57 level gives way, this would become a very negative sign for the British pound.

GBP/USD Forecast August 27, 2012, Technical Analysis

GBP/USD Forecast August 27, 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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