GBP/USD Forecast October 18, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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The GBP/USD pair rose during the session on Wednesday, as the bounce from the 1.60 level continued. We close towards the top of the range right around the 1.6150 handle, and as such we think that we will eventually hit the 1.63 level.

Above the current pricing however, we should see quite a bit more choppiness and it will be a fight to get above the 1.63 level. Once we do however, this market should continue much higher as the 1.65 level only looks to be minor resistance. In fact, if this happens we are aiming for the 1.7 handle. As for selling this pair, we would not do it until we got below the 1.57 level, something that looks fairly unlikely at this point time.


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