GBP/USD Forecast August 6, 2012, Technical Analysis

The GBP/USD pair shot straight up like a rocket during the Friday session after the nonfarm payroll numbers came out. It had already been positive for the session, but the jobs situation in the United States only given more juice to continue climbing.

It now is obvious that the 1.57 level that begins resistance all the way to 1.58 is the next hurdle to overcome. If we can get above that level, this pair should rise several handles. In the short term, it looks like we’re just under that level, and as such will not be buying. As for selling is concerned, we are making higher lows at this point and simply won’t do that.

GBP/USD Forecast August 6, 2012, Technical Analysis

Written by FX Empire