GBP/USD Forecast July 30, 2012, Technical Analysis

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The GBP/USD pair rose during the session on Friday as the 1.57 level was targeted yet again. The area continued to hold as resistance, and as a result the pair looks like it is still trying to break out. The 1.58 level has to be overcome as well in order to get bullish of this pair at the moment, but it does look like the upside is the most likely route.

The selling of this pair isn’t necessarily something we are looking to do at this point in time. The pair simply looks too bullish at the moment to fight it, even though in the long run we aren’t as excited about being long. However, fighting the tape isn’t what we are looking for, and we will buy if this pair breaks out.

GBP/USD Forecast July 30, 2012, Technical Analysis

GBP/USD Forecast July 30, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the 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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