GBP/USD Forecast September 4, 2012, Technical Analysis
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The GBP/USD pair had another bullish session on Monday as traders continue to push the value of the British pound higher. This is a simple yield differential play at this point in time, as the Bank of England has already stated that it felt monetary policy is where it needs to be. On the other hand, you have the Federal Reserve that looks very likely to continue easing if not extended, and as such this should give a boost to this pair overall.
Looking forward, now that we have broken out of the 1.58 level to confirm the ascending triangle and even retested it as support, this pair looks like it’s ready to resume its uptrend to the 1.63 level. This was the level that the ascending triangle suggested based upon measurement, and we firmly believe that we will eventually see that price. As for selling, we simply won’t do it but are more than willing to buy pullbacks.
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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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