The GBP/USD pair fell significantly during the session on Friday, but found enough support to turn things back around and form a hammer. The hammer
The GBP/USD pair fell significantly during the session on Friday, but found enough support to turn things back around and form a hammer. The hammer signifies that perhaps we could bounce from here but keep in mind that we are below a significant uptrend line that has been supporting this market as the entire summer. With this, we think that this rally will more than likely run into a lot of resistance above that should offer a nice selling opportunity. We are not buyers, and we are simply waiting to see whether or not we can reenter this market to the downside.
GBP/USD Forecast August 31, 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.
