GBP/USD Forecast April 30, 2012, Technical Analysis

The GBP/USD pair is absolutely out of control, and the bullishness continued on Friday. The move has been strong and relentless, and on top of that – the United Kingdom has recently gone into recession! None the less, traders keep buying this pair, so in the end this is all that matters.

The breaking of the 1.6050 area was a serious breakout, and now this is a pair that has the looks of a “buy on the pullbacks” type of market. With this in mind, we are buying those dips until we see a close below the 1.59 level as we see it as the very bottom of the 1.60 “area” for support. Selling isn’t a thought at the moment.

Written by FX Empire