GBP/USD Forecast July 31, 2012, Technical Analysis

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GBP/USD fell during most of the session on Monday, but found its footing at the 1.57 level to look like it’s ready to try to break out yet again. The 1.58 level above is still resistive, but the hammer for the Monday session is very interesting indeed. This pair looks like it’s trying to break out of this recent downtrend, and if we can get above 1.58 we would become very bullish of the pair.

Conversely, if we break the bottom of the range on Monday’s candle, this would be a very bearish sign. In fact, if that happens we would be aiming for the 1.55 level without hesitation. All things being equal though, this pair does look like it once the gain in value.

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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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