GBP/USD Forecast June 11, 2012, Technical Analysis

The GBP/USD pair fell during the Friday session as the Pound’s woes continued. The Dollar has been relentlessly gaining on European currencies in general, and the Pound is no different. The shooting star on Thursday is a signal that this pair might be winding up to fall again, and the 1.52 level is the support that the pair will have to break in order to do so. Because of this, we feel bearish of this market, and are willing to sell a breaking below of the bottom of Friday’s range and any weak rallies.

GBP/USD Forecast June 11, 2012, Technical Analysis

Written by FX Empire