GBP/USD Forecast August 29, 2012, Technical Analysis

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The GBP/USD pair had a fairly wild session on Tuesday as the market when both up and down in order to finish slightly higher. The candle looks a bit like a hammer, but not convincingly sell. The 1.58 level seems to be the epicenter of the action for the trading session, and this would of course make sense as it was an area that we expected to be retested for support.

Looking forward, if we manage to break the top of the Tuesday session, we are more than willing to go long. In fact, based upon the ascending triangle that had formed over the summer, we are more than willing to hang on until the 1.63 level which is the implied move based upon the measurement. As for selling, we would not do it until we got a close below the 1.57 handle.

GBP/USD Forecast August 29, 2012, Technical Analysis

GBP/USD Forecast August 29, 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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