GBP/USD forecast for the week of October 22, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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GBP/USD initially rose during the week as the first couple days of the sessions were relatively positive in a "risk on" type of attitude. However, by the end of the week we solve this market completely turn around in fall back towards the 1.60 support level. The resulting candle is a shooting star, and we believe that this is a very bearish sign at this point time. However, we see quite a bit of support down at the 1.57 level that could lift the market once we get down there.

Obviously, a break of the 1.60 level is rather significant for the short-term, and the next two or 300 pips looking forward, if we break the top of the shooting star, that would be a very bullish sign. However, things don't look quite right in this market anymore.




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