GBP/USD Forecast June 26, 2012, Technical Analysis

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The GBP/USD pair fell slightly during the Monday session as the stock markets around the world fell. The pair is highly risk-sensitive, and as a result it makes sense that the pair would lag on a day that stocks and futures all fell.

The candle for the session is a slight hammer, and as such it looks like we are going to bounce in the mean time. The 1.5550-ish level is the start of support in this market, and the 1.57 level is the “top” of the recent action. Because of this, we think that this pair will simply grind sideways overall in the near term, and because of this we aren’t expecting much out of this pair until after the European summit at the end of the week. If the Europeans don’t come up with some kind of solution this week – this pair will fall. 

GBP/USD Forecast June 26, 2012, Technical Analysis

GBP/USD Forecast June 26, 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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