GBP/USD Forecast for the week of August 27, 2012, Technical Analysis

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The GBP/USD pair shot straight up as we broke out above the 1.58 level during the early part of the week. However, we did pullback to close right at 1.58 roughly, and this does cause some type of concern for buyers. We are currently at an area that should determine whether or not this pair can continue to rise, and as such this pair will need to be paid great attention to. A break of last week’s high would be enough to get us long until we hit 1.63 or so. If we break the bottom of last week candle, we are going to start selling this pair aggressively.

GBP/USD Forecast for the week of August 27, 2012, Technical Analysis

GBP/USD Forecast for the week of 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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