GBP/USD Forecast December 19, 2011, Technical Analysis

GBP/USD saw a fairly muted move on Friday as the markets overall tried to rally. However, the “risk on” traders we stymied by the end of the bell as the stock markets ended up fairly flat. The 1.55 level is certainly supportive, and in fact goes all the way back to 1.53 as the bottom of support. The markets could be very difficult to sell until we get below that mark. The 1.57 level above looks like the top of the range, and with the new year coming so soon – we think that the most likely path is sideways at this point and would suggest that playing the 200 pip range might be the way to go.

GBP/USD Forecast December 19, 2011, Technical Analysis

Written by FX Empire