The GBP/USD pair initially rallied on Wednesday but turned back around yet again in order to form a shooting star. Because of this, we recognize that the
The GBP/USD pair initially rallied on Wednesday but turned back around yet again in order to form a shooting star. Because of this, we recognize that the market seems to be meandering around the 1.52 level, but we believe it’s only a matter of time before this market breaks out. With this, we are sellers on impulsive moves lower, as the market should then reach towards the 1.50 level and then try to break down below there. Even if we break higher at this point in time, we are a bit hesitant to buy as the market has been so bearish.
GBP/USD Forecast November 19, 2015, 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.
