GBP/USD Forecast October 22, 2012, Technical Analysis
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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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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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