GBP/USD Forecast for the week of September 3, 2012, Technical Analysis

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The GBP/USD pair rose during the week after initially dipping below the 1.58 support level. This proves to us that the area is now support, and the market should continue to grind higher. Remember, this had originally been an ascending triangle, and we suggested that a move to the 1.63 level was more than likely. Now that we have retested the area as support, it does make sense that we continue higher. We are buying this on a break of the weeks high and aiming for 1.63 or sell. As for selling, we are not interested in till we get below the 1.5650 level, and as it would show a significant failure of the buyers to push prices higher.

GBP/USD Forecast for the week of September 3, 2012, Technical Analysis

GBP/USD Forecast for the week of September 3, 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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