GBP/USD Forecast Dec. 8th, 2011, Technical Analysis

The GBP/USD pair rose quite strongly on Wednesday as traders rallied the Pound in general. The move to just above 1.57 is the 5th attempt to break above it lately, but each time it gets this high it fails. The recent range has been between this area and 1.56, and unless the market suddenly gets overly bullish, there is no real reason to expect this to change. The 1.58 level looks resistive as well, and as a result we don’t buy this pair at this level. In fact, we are looking for shorter-term weakness candles from which to try to play the recent range to the downside.

GBP/USD Forecast Dec. 8th, 2011, Technical Analysis GBP/USD Forecast Dec. 8th, 2011, Technical Analysis

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