GBP/USD Forecast October 4, 2012, Technical Analysis

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The GBP/USD pair fell during the session after initially trying to rally on Wednesday, as we start to head back down towards the 1.60 level. However, the 1.60 level looks to be very supportive, and we do expect some type of support in that general vicinity. Also, it should be noted that the 1.58 level is massively supportive as it was the top of the ascending triangle that we broke out of in order to get to these lofty levels in the first place.

With the Bank of England being comfortable with current monetary policy, it’s interest-rate differential should continue to be higher and favorable in relation to the Federal Reserve as the central bank in the United States continues to ease its monetary policy. Because of this, we are buying supportive candles and are starting to look for them now.

 

GBP/USD Forecast October 4, 2012, Technical Analysis

GBP/USD Forecast October 4, 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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