GBP/USD Forecast October 17, 2012, Technical Analysis

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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.

 

GBP/USD Forecast October 17, 2012, Technical Analysis

GBP/USD Forecast October 17, 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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