The GBP/USD pair initially tried to rally during the course of the week, testing the 1.58 level. This is an area that has been resistive in the past, and
The GBP/USD pair initially tried to rally during the course of the week, testing the 1.58 level. This is an area that has been resistive in the past, and then as a result the sellers of course were attracted to it. Because of that, we not only fell but fell hard. We ended up crashing through the 1.54 level during the course of the week, and more importantly through the bottom of the uptrend line that had been supporting this market for some time now. With this in mind, we believe that the volatility is about to increase in this marketplace, and you will have to trade it off of shorter-term charts.
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.
