The GBP/USD pair initially fell during the course of the session on Thursday, but found enough support near the 1.56 level to turn things back around and
The GBP/USD pair initially fell during the course of the session on Thursday, but found enough support near the 1.56 level to turn things back around and form a hammer. With that being the case, it looks as if the market is ready to go higher, as the 1.57 level above has been tested. If we can break above there, we feel that the market should then head to the 1.58 handle. We have the 100 day exponential moving average below that should continue to offer support. We also have an uptrend line, and that the 1.55 level below is the “floor” in the market. Ultimately, we should continue to go much higher.
GBP/USD Forecast August 21, 2015, 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.
