The GBP/USD pair fell during the course of the day on Friday, but found enough support at the 1.6000 level to turn things back around and form a hammer.
The GBP/USD pair fell during the course of the day on Friday, but found enough support at the 1.6000 level to turn things back around and form a hammer. Because of this, it is possible that we may get a bounce back to the 1.63 level. Nonetheless, we recognize that the market looks very vulnerable to the downside on the longer-term charts, so we would look at any buying opportunity at this point in time is simply a short-term opportunity. On the other hand, we broke down below the 1.59 level, we would have to begin selling again.
GBP/USD Forecast October 13, 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.
