The GBP/USD pair initially fell during the course of the day on Thursday, but tested the 1.60 level in found plenty of support there. That being the case,
The GBP/USD pair initially fell during the course of the day on Thursday, but tested the 1.60 level in found plenty of support there. That being the case, the market looks like it wants to go higher from here because of the fact that it formed a hammer. We have to keep in mind that the weekly candle was a hammer for last week, so that does suggest a perhaps the buyers are going to step in. The United Kingdom releases its GDP numbers today, so be aware of that as it will more than likely provide quite a bit of volatility. If those numbers come out strong, this pair should go higher.
GBP/USD Forecast October 24, 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.
