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

The GBP/USD pair had a range bound day on Monday as traders still look for direction in terms of the “risk on” or “risk off” trade. The markets are very volatile, and will more than likely continue to be until some kind of work around has been accomplished in Europe. The cable pair is highly sensitive to the global risks, and as such we aren’t overly keen on owning it presently. Technically, we need to see a new high again – about 1.62 or so – before we would serious consider buying. The 1.60 level needs to give way to sell however. The pair looks a little bit “stuck” at the moment.

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