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GBP/USD Technical Analysis October 27, 2011

By:
Christopher Lewis
Updated: Jan 1, 2011, 00:00 UTC

The GBP/USD pair has fallen during the Wednesday session, but had a bounce in the later hours of the US session. The pair looks set to retest the 1.60

GBP/USD Technical Analysis October 27, 2011

The GBP/USD pair has fallen during the Wednesday session, but had a bounce in the later hours of the US session. The pair looks set to retest the 1.60 level again, and the hammer formed on the daily looks bullish. However, it simply must make a fresh high in order to be a buy, and if the bottom of this hammer gets broken – it is massively bearish. The pair will be influenced by the drama (and rumors) out of Europe still, and can be expected to be very choppy.

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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