GBP/USD Technical Analysis October 27, 2011

The GBP/USD pair has fallen during the Wednesday session, but had a bounce in the later hours of the US session. The pair looks set to retest the 1.60 level again, and the hammer formed on the daily looks bullish . However, it simply must make a fresh high in order to be a buy, and if the bottom of this hammer gets broken – it is massively bearish. The pair will be influenced by the drama (and rumors) out of Europe still, and can be expected to be very choppy.

Written by FX Empire