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

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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

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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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