GBP/USD Forecast Nov. 9th, 2011, Technical Analysis

The GBP/USD pair rose during the session on Tuesday as the Dollar was sold off against most of the major currencies. The pair still remains above 1.60 which is very bullish, but formed a shooting star candle during the day as the market couldn’t quite stay afloat. The market looks like it is ready to consolidate between 1.59 and 1.62, and as such we are willing to trade the market from a scalper’s perspective with short-term charts being our guides between those two levels. We are looking for short-term gains, and are going to be quick about closing our trades.

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