GBP/USD Forecast October 22, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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The GBP/USD pair fell on Friday again as the market continues to look very weak. In fact, since the Wednesday close we have seen this market dropped 150 pips with almost no halt. The 1.60 level continues to be rather supportive, but we are testing it and have to admit that we close towards the very lows of the week.

With this being said, it does look like 1.60 could be the gateway for the sellers to attempt to reach the 1.57 level. If this happens, look for some type of support down there, but we could see a fairly quick move to the downside. Alternately, if we get some type of supportive candle at 1.60 - it could turn out to be a nice buying opportunity.


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