GBP/USD Technical Analysis October 3, 2011

GBP/USD had a fairly neutral day on Friday as traders bought and sold the pound in various spurts during the day. The 1.55 area looks to be supportive, but the trend is down. We feel that eventually that area gives way, but until then, we are not trading this pair – unless it is to sell rallies. We won’t buy cable right now there are too many reasons to avoid the “risk on” trade.

Written by FX Empire