The GBP/USD pair fell during the session on Friday, but found enough support below the 1.6550 level in order to turn things around and form a hammer.
The GBP/USD pair fell during the session on Friday, but found enough support below the 1.6550 level in order to turn things around and form a hammer. Because of this, we believe that this market could very well be finding enough support to go higher again. A break of the top the hammer, we will consider that a buy signal, and we do believe that the 1.65 level below is the “floor” of the market anyway. We believe that ultimately this market goes to the 1.68 handle, and once we break above there we go to the 1.70 level. We have no interest in selling the British pound at the moment.
GBP/USD Forecast April 7, 20.4, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
