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GBP/USD Forecast May 29, 2014, Technical Analysis

By:
Christopher Lewis
Updated: Aug 23, 2015, 22:00 UTC

The GBP/USD pair fell hard during the session on Wednesday, showing a fresh new low by the end of the day. The 1.67 level should continue to be supportive

GBP/USD Forecast May 29, 2014, Technical Analysis

The GBP/USD pair fell hard during the session on Wednesday, showing a fresh new low by the end of the day. The 1.67 level should continue to be supportive though, and as a result we believe that it’s only a matter time before the buyers step back in. We are not willing to sell this market, and believe that being patient is probably the way to go. We believe that this dips should offer value sooner or later, and that the buyers will return. We still hold 1.70 as our target, and 1.65 as the “floor.”

 

GBP/USD Forecast May 29, 2014, Technical Analysis
GBP/USD Forecast May 29, 2014, Technical Analysis

About the Author

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.

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