GBP/USD Forecast for the Week of July 2, 2012, Technical Analysis

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The GBP/USD pair rose during the week as the markets continue the volatile back-and-forth motion that we have seen over and over again. The 1.55 level has offered support in this market, and the 1.58 level looks fairly resistive as well, meaning that we could see a little bit of a bumpy ride. The candle for the week looks a bit like a hammer, but we should keep in mind that the Bank of England is expected to introduce more quantitative easing, and this could have a dampening effect on the rally. On a daily close above the 1.58 level however, we would be willing to take a small position long. If we manage to break down below the 1.55 level get on a daily close, we think that selling for a move to 1.52 is probably baked in the cake.

GBP/USD Forecast for the Week of July 2, 2012, Technical Analysis

GBP/USD Forecast for the Week of July 2, 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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