GBP/USD Forecast for the week of August 20, 2012, Technical Analysis

posted
By FX Empire Analyst - Christopher Lewis
Print
Font Size
T
T
T
Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The GBP/USD pair had a slightly bullish week over the last five sessions but still failed to close above the crucial 1.58 level. It doesn't matter though, we can plainly see on this chart that the pressure is building up for the buyers. The candle for the week was a shooting star, but if anything this only suggests that we may get a slight pullback.

Regardless, we are not willing to sell this market right now as is simply looks far too strong. Every time the market has fallen over the last month or so, we have printed a nice long wick on the candle to suggest that there is plenty of buying pressure. Because of this, we will be buying this pair on a break of the 1.58 level via a daily close. We are not selling, we are simply waiting.

GBP/USD Forecast for the week of August 20, 2012, Technical Analysis

GBP/USD Forecast for the week of August 20, 2012, Technical Analysis

Find a Broker
Continue to FX Empire Network