GBP/USD had a tumultuous session on Wednesday as traders continue to weigh the “risk” trade in this environment. The 1.55 level is the start of a massive
GBP/USD had a tumultuous session on Wednesday as traders continue to weigh the “risk” trade in this environment. The 1.55 level is the start of a massive support, and it runs all the way down to the 1.53 level. This area should continue to give the market a bit of a lift, but the action has been quite bearish as of late, and we think it is only a matter of time before it gives way. The breaking of the 1.53 level would be a massively bearish signal, and would have us aggressively short. The rallies in this pair will continue to be sold by us until we break above the 1.57 level.
GBP/USD Forecast December 15, 2011, Technical Analysis
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.
