GBP/USD Forecast October 17, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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The GBP/USD pair rose straight up during the session on Tuesday, as the 1.60 handle now looks to be the floor of the market. This now is one of our favorite pairs, and we will continue to be long of it for the foreseeable future. We think the 1.63 level will be revisited again, and should eventually give way to the buyers. In fact, we would not be surprised at all to see the 1.70 handle by the end of the summer next year, and as such are buying dips in this market going forward. It is not until we break the 1.57 level that we feel that this market has turned bearish.


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