Advertisement
Advertisement

GBP/USD Forecast August 11, 2015, Technical Analysis

By:
Christopher Lewis
Updated: Aug 11, 2015, 06:07 UTC

The GBP/USD pair initially fell during the day on Monday, but found enough support at the 100 day exponential moving average to turn things back around

GBP/USD Forecast August 11, 2015, Technical Analysis

The GBP/USD pair initially fell during the day on Monday, but found enough support at the 100 day exponential moving average to turn things back around and shoot higher. Keep in mind that there is an uptrend line just below here as well, and of course the 1.55 support level. However, we also have resistance of the 1.57 level, so although we feel that this market eventually goes higher given enough time, the truth of the matter is that in the meantime we are probably going to consolidate. With this, we are bullish on pullbacks that show signs of support but realize that profits will have to be taken rather quickly.

 

GBP/USD Forecast August 11, 2015, Technical Analysis
GBP/USD Forecast August 11, 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.

Did you find this article useful?

Advertisement