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GBP/USD forecast for the week of February 22, 2016, Technical Analysis
Published: Feb 20, 2016, 07:44 GMT+00:00
The GBP/USD pair fell significantly during the course of the week, testing the 1.42 level for support. Ultimately, the market looks as if it will continue
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The GBP/USD pair fell significantly during the course of the week, testing the 1.42 level for support. Ultimately, the market looks as if it will continue to go lower but we may get a slight bounce in this general vicinity. Rallies at this point in time should be selling opportunities, as the British pound continues to soften in general. We believe that this market is heading down to the 1.40 level given enough time, and as a result remain very bearish overall and believe that the market will continue to favor the short-sellers.
About the Author
Christopher Lewisauthor
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
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