The GBP/USD pair fell during the course of the day on Wednesday, but bounced back above the 1.69 level in order to form a bit of a hammer. That being the
The GBP/USD pair fell during the course of the day on Wednesday, but bounced back above the 1.69 level in order to form a bit of a hammer. That being the case, it appears the market could make another attempt to reach the 1.70 handle, but it is not until we get above that level that we are comfortable buying. As far selling is concerned, if we can sustain a move below 1.69, it’s very likely that this pair does the 1.67 handle. Ultimately though, we do believe that the British pound will get some buying pressure soon.
GBP/USD Forecast July 31, 2014, Technical Analysis
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.
