The GBP/USD rose again on Thursday as it reacted to the good news of a EU bailout agreement. The pair has now broken above the 61.8% Fibonacci
The GBP/USD rose again on Thursday as it reacted to the good news of a EU bailout agreement. The pair has now broken above the 61.8% Fibonacci retracement, and now look set to move much higher. Based upon the Wednesday candle, it looks as though the 1.60 level should end up being supportive at this point, and buying can only be done as long as we are above that area. Buying on dips is probably going to be the best way to go about this pair until we get lower than the 1.60, and as the world gets more and more comfortable with the results of that bailout, this pair should continue to rise.
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.
