The GBP/USD pair had a mildly bullish day on Thursday as it sits on the 1.55 support line. The area is actually 200 pips thick, and there is certainly
The GBP/USD pair had a mildly bullish day on Thursday as it sits on the 1.55 support line. The area is actually 200 pips thick, and there is certainly massive support at the region. With this in mind, we aren’t keen to sell now, but don’t necessarily look to buy either as the “risk on” nature of the pair doesn’t jive well with current market conditions. The pair is to be sold, but we need to see a rally first in order to do so. 1.57 still looks very resistive, and we are more likely to sell up at that level.
GBP/USD Forecast December 16, 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.
