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GBP/USD Forecast October 28, 2014, Technical Analysis

By:
Christopher Lewis
Updated: Aug 25, 2015, 03:00 UTC

The GBP/USD pair initially rallied during the session on Monday, but as you can see pullback to form a shooting star. Because of this, the market could

GBP/USD Forecast October 28, 2014, Technical Analysis

The GBP/USD pair initially rallied during the session on Monday, but as you can see pullback to form a shooting star. Because of this, the market could very well drop from here but we recognize that the weekly chart looks like it’s trying to form some type of base. If we can get above the 1.62 level, we would be buyers of the British pound. However, we are not willing to sell at this moment as there is so much in the way of noise below, as well as the all-important 1.60 handle.

 

GBP/USD Forecast October 28, 2014, Technical Analysis
GBP/USD Forecast October 28, 2014, Technical Analysis

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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