GBP/USD fell hard on Friday as traders continue to reject the pair at the 1.57 level. The market has fallen quite hard for a light session, and this shows
GBP/USD fell hard on Friday as traders continue to reject the pair at the 1.57 level. The market has fallen quite hard for a light session, and this shows just how much pressure the pair currently has on it. However, the 1.55 below has been just as stubborn to give way. Because of this, we think there will be continued consolidation between the two levels going forward, and we are playing this pair like that at the moment. The breaking of 1.53 to the downside would signal heavy selling at this point and have us aggressively selling cable. Until that happens though, we are simply trading for scalps going forward.
GBP/USD Forecast December 26, 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.
