GBP/USD Technical Analysis October 6, 2011

GBP/USD had a fairly quiet day on Wednesday as traders continue to bounce around the current level, just under the 1.55 mark. The pair is most certainly bearish at this point, and it is probably oversold as well. Because of this, we are waiting for a rally from which to sell this pair as it is highly sensitive to the global economy. If the picture gets worse, this pair will fall hard. We like selling rallies on the daily chart and with red or resistive candles at this point.

Written by FX Empire