GBP/USD Forecast for the Week of December 26, 2011, Technical Analysis

GBP/USD spiked during the week, but failed again at the 1.57 level. The pair formed a shooting star at the bottom of the recent fall, suggesting even lower prices to come. However, we need to point out that the support level at 1.55 actually runs all the way down to 1.53, and it is at that level the real future for this pair should be decided. The daily close below that level sends cable down much, much lower as it would be a serious breach of support. The downside is where we see this pair going over time, but that level has to be broken first in order for us to sell. The 1.60 would have to be overtaken comfortably for us to consider buying presently.

GBP/USD Forecast for the Week of December 26, 2011, Technical Analysis
GBP/USD Forecast for the Week of December 26, 2011, Technical Analysis

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