The GBP/USD pair rose back above the 1.57 level several times this week, and has since been falling. This makes the pair look very vulnerable as the level
The GBP/USD pair rose back above the 1.57 level several times this week, and has since been falling. This makes the pair look very vulnerable as the level simply cannot be overcome by the cable bulls. The pair looks more and more like a complex head and shoulders is forming, and a break below the 1.53 level would confirm this. If we get that – we think 1.43 is very likely in the long run. With this in mind, we prefer selling rallies at this point as buying is proving to be somewhat fruitless at this point.
GBP/USD Forecast for the Week of Dec. 12th, 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.
