GBP/USD Forecast Dec. 12th, 2011, Technical Analysis

GBP/USD had originally gained on Friday, only to fall again from the 1.57 resistance area. The resulting candle is a shooting star, and the pair simply looks too weak to overcome this area. The market is becoming a very simple one for scalpers – just sell it when it gets fairly close to the 1.58 level. The 1.56 level seems to be supportive, but one has to wonder how much longer the support can hold as the pair simply keeps rolling over. It is probably only a matter of time, which is why we prefer selling the rallies instead of trying to buy at support.

GBP/USD Forecast Dec. 12th, 2011, Technical Analysis GBP/USD Forecast Dec. 12th, 2011, Technical Analysis

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