GBP/USD Forecast October 1, 2012, Technical Analysis

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The GBP/USD pair fell during the session on Friday as the 1.63 level continues to be a bit too resistive for this currency pair. However, we are still bullish of the British pound, and think that any fall from this level should produce some type of supportive candle from which to buy this market.

On signs of support at the 1.60 level we will be very comfortable going long. The same can be said of the 1.58 level as it was the site of the original breakout. As for selling, we simply won’t do it as we think the British pound should continue to rise.

 

GBP/USD Forecast October 1, 2012, Technical Analysis

GBP/USD Forecast October 1, 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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