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
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.
