GBP/USD Forecast October 23, 2012, Technical Analysis

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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.

 

GBP/USD Forecast October 23, 2012, Technical Analysis

GBP/USD Forecast October 23, 2012, Technical Analysis

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About:FX Empire Analyst - Christopher Lewis

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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