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GBP/USD Forecast October 21, 2016, Technical Analysis

By:
Christopher Lewis
Published: Oct 21, 2016, 05:03 UTC

The GBP/USD pair fell slightly during the day on Thursday, and then bounced a bit the form a candle that looks a bit like a hammer. At the end of the day

GBP/USD daily chart, October 21, 2016

The GBP/USD pair fell slightly during the day on Thursday, and then bounced a bit the form a candle that looks a bit like a hammer. At the end of the day though, I have no interest in buying the British pound although I do think we are stabilizing a bit. I think the 1.2 level will continue to be very supportive, but eventually we could break down below there. I have no interest in buying, I think the best way to trade this market is to simply sell short-term rallies that show signs of growing over.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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