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
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.
