GBP/USD Forecast October 12, 2012, Technical Analysis

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The GBP/USD pair rose off of the 1.60 level as the buyers came in and supportive this market like we had suspected they would. This area looks like a good spot to get long of the cable pair, and as such we bought a little during Thursday’s session. We think this pair will continue to grind higher as the interest-rate differential still favors the United Kingdom, and the ascending triangle was a severe break of resistance just two short months ago. As for selling, we do not have any plans on doing so.

 

GBP/USD Forecast October 12, 2012, Technical Analysis

GBP/USD Forecast October 12, 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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