GBP/USD Technical Analysis October 18, 2011

The GBP/USD pair has a bearish day on Monday, as traders reacted to statements about the lack of speed of an upcoming EU solution. This put the “risk on” trade on the back foot for the session, and this pair was no different.

It should be noted that the 1.57 was once resistance, and it could step up to be support going forward. Because of this, we aren’t willing to sell until we get a daily close below that level, but until global risk slows down – it is hard to get overly bullish on any of the risk pairs, cable included.

Written by FX Empire