GBP/USD Forecast July 2, 2012, Technical Analysis

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GBP/USD rose during the session as the “risk on” trade came back into play. The trading community reached for anything risk related, and this had a lot of the higher beta pairs gaining, this one included. The pair found the next logical resistance point at the 1.57 level, and promptly stopped. 

With this in mind, the pair could be sensitive to headlines coming out of Europe. The Bank of England is said to be easing this week, so the response to this could already be baked into the market. Because of this, we simply will wait to see if the 1.58 level can be broken to the upside on a daily close. If it does happen – we would buy. 

GBP/USD Forecast July 2, 2012, Technical Analysis

GBP/USD Forecast 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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