GBP/USD Forecast December 13, 2012, Technical Analysis

The GBP/USD pair had a bullish session on Wednesday as we attempted to break out above the 1.62 level. However, we did not manage to do so, and it looks like this market could face a little bit of a pullback at this point time. Nonetheless, we still believe in the bullish story when it comes to trading this pair, and as such will treat those pullbacks as buying opportunities.

The 1.61 handle should continue to be support, and most certainly the 1.60 handle will be. Based upon that, if we do get that pullback we will be looking for buying opportunities on the shorter-term charts around one of those areas. Alternately, if we managed to break the top of the candle for the session on Wednesday, we are willing to go long as we believe in the longer-term bullishness of this market. As for selling, we have no interest in doing so.