GBP/USD Forecast July 31, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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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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