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GBP/USD Price Forecast August 17, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Aug 17, 2017, 04:27 UTC

The British pound went sideways during most of the session on Wednesday, hugging the 1.2850 level. The market is waiting to see with the Federal Reserve

GBP/USD daily chart, August 17, 2017

The British pound went sideways during most of the session on Wednesday, hugging the 1.2850 level. The market is waiting to see with the Federal Reserve is thinking, and the Meeting Minutes could have a lot to do with where we go next. If we break down below the bottom of the daily range, then I think we probably go to the 1.2750 level underneath, which has been important in the past. Alternately, if we break above the 1.29 level, then we have to do with the 1.30 level above. I don’t have any interest in buying, least not until we break above the 1.3050 level, because quite frankly it would show a complete switch in the overall momentum of the market. Until then, I remain bearish but recognize that the choppiness should continue.

GBP/USD Video 17.8.17

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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