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GBP/USD Forecast October 16, 2014, Technical Analysis

By:
Christopher Lewis
Updated: Oct 16, 2014, 04:00 UTC

The GBP/USD pair broke higher on Wednesday, as the US dollar sold off against most currencies. However, the British pound did run into a bit of trouble at

GBP/USD Forecast October 16, 2014, Technical Analysis

The GBP/USD pair broke higher on Wednesday, as the US dollar sold off against most currencies. However, the British pound did run into a bit of trouble at the 1.60 level, as we are closing just and that handle. We believe that there is still a significant amount of downward pressure in this market, and as a result we think that it’s going to be a was impossible to start buying the Pound, and as a result are simply waiting to see some type of resistant candle in order to take advantage of the trend.

 

 

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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