GBP/USD Forecast July 31, 2013, Technical Analysis

The GBP/USD pair fell hard during the session on Tuesday, slicing through the 1.5250 level. This was an area that we had suspected would be rather supportive, and although we are below that area, there is still support to chew through if this market once the fall further. The Federal Reserve has an announcement later today, and that will most certainly move this market. Because of that, we feel that a break of the lows is a sell signal at this point time, and this is going to be especially true if the Federal Reserve looks likely to taper off of quantitative easing in the next month or two.

 

GBP/USD Forecast July 31, 2013, Technical Analysis

Written by FX Empire