GBP/USD Forecast October 23, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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The GBP/USD pair bounced off of the 1.60 level on Monday to continue to show support at that level. This area is a large round number, and as a result we believe it will continue to attract buyers. In fact, it almost looks as if are ready to start consolidating between 1.60 and the 1.62 handle. With this being said we are bullish of this pair and believe we will eventually breakout to the upside. The 1.63 level looks to be very resistive, but in reality all of the fundamentals seem to be lining up in favor of the British pound.


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