The GBP/USD pair broke higher during the course of the day on Monday, heading higher and aiming for the 1.62 handle. The 1.63 handle above is where we
The GBP/USD pair broke higher during the course of the day on Monday, heading higher and aiming for the 1.62 handle. The 1.63 handle above is where we expect a lot of resistance to come into play, and as a result we would be willing to sell any resistive candle that shows up in this general vicinity. The downtrend is pretty significant, but if we break above and close above the 1.63 level on the daily charts, we are willing to buy this pair as the weekly candle is a hammer. Because of this, we do favor the upside but we need to see some type of impulsive move to get involved.
GBP/USD Forecast October 21, 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.
