GBP/USD Forecast July 10, 2013, Technical Analysis

The GBP/USD pair went back and forth during the session on Tuesday, but as you can see ended of the day in a negative fashion. We did attempt to break down below the recent lows, but enough support came into play keep that from happening. We still think this market looks very weak though, in selling closer to the 1.50 level will continue to be the strategy that we employ in order to take advantage of Pound weakness overall. As far as buying is concerned, we have no interest in doing so until we get well above the 1.5250 level, something that doesn’t look very likely in the near-term.

Written by FX Empire