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GBP/USD Forecast August 10, 2015, Technical Analysis

By:
Christopher Lewis
Updated: Aug 8, 2015, 07:02 UTC

The GBP/USD pair fell during most of the session on Friday, but did bounce off of the uptrend line that is just below. With this, the market should find

GBP/USD Forecast August 10, 2015, Technical Analysis

The GBP/USD pair fell during most of the session on Friday, but did bounce off of the uptrend line that is just below. With this, the market should find buyers on a break above the top of the hammer, which would be a buying opportunity heading towards the 1.57 level. We believe that this market continues to consolidate in general, and then eventually find buyers in order to break out and above the 1.58 level which has been resistive in the past. We believe in buying dips going forward as the British pound continues to show resilience.

 

GBP/USD Forecast August 10, 2015, Technical Analysis
GBP/USD Forecast August 10, 2015, Technical Analysis

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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