GBP/USD forecast for the Week of July 23, 2012, Technical Analysis
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The GBP/USD pair initially surged during the week, only to be turned back at the 1.57 resistance area. Furthermore, the weekly candle is a shooting star and suggests that we are going to fall from here. Granted, it is the summer trading ranges that we find ourselves in, and as a result we suspect that 1.5350 will continue to be a bit of a floor in this market. Because of that, we think this is a signal to sell this market, but we think that the 1.5250 level will continue to hold for the next few weeks. In order to go long, we need to see a daily close above 1.58 or so.
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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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