GBP/USD Forecast October 24, 2012, Technical Analysis

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The GBP/USD pair fell through the 1.60 handle on Tuesday as support finally was beaten-down. The market is still technically bullish, but we see this as a real threat to fall to the 1.57 level before it’s all said and done. With the British pound suddenly looking so week, we saw a selloff against many other currencies as well.

The candle did show a bit of a bounce towards the end of the session, but this is a minor support level, and as such should eventually give way against the sellers. Because of this, we are willing to short rallies as long as we are below 1.60 and above 1.57 or so. This is a short-term trade, nothing more, nothing less.

 

GBP/USD Forecast October 24, 2012, Technical Analysis

GBP/USD Forecast October 24, 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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