GBP/USD Forecast Nov. 29, 2011, Technical Analysis

GBP/USD initially rose during the Monday session as hope sprung eternal in the markets. The rumors of EU fixes came back to the forefront, and the expectations came into play as the world sold off the Dollar. The pair smashed through the 1.55 resistance level, and looked very bullish at first. However, as the session wore on, the markets started to sell off the Pound, and the daily candle is a shooting star, and closing in the vicinity of the 1.55 level again. This is a very bearish turn of events, and we are willing to sell again if we can break through the bottom of the Monday range. We are not buying cable at this point.

GBP/USD Forecast Nov. 29, 2011, Technical Analysis GBP/USD Forecast Nov. 29, 2011, Technical Analysis

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