The GBP/USD pair fell during the day on Tuesday, but found enough support at the 1.62 level to turn things back around and form a little bit of a hammer.
The GBP/USD pair fell during the day on Tuesday, but found enough support at the 1.62 level to turn things back around and form a little bit of a hammer. With that being said, we feel that the market could go higher from here, but we want to see the market clear the 1.63 level in order to start buying with any type of confidence at all. On the other hand, if we break down below the bottom of the hammer it would be a fairly negative sign. However, breaking down here isn’t as interesting as going higher, simply because there is it is much room to move.
GBP/USD Forecast October 1, 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.
