GBP/USD Forecast February 28, 2013, Technical Analysis

The GBP/USD pair had a slightly bullish session on Wednesday as the 1.5050 level offered support yet again. The resulting candle was a hammer, which followed a shooting star from Tuesday. This represents consolidation in our opinion, and as a result we are flat of this market at the moment. Going forward though, it has to be said that rallies will offer opportunities to sell this market at higher prices, as the British pound is certainly hurting. We see no reason to buy this market, and welcome any pullbacks as an opportunity to profit even more from this very strong downtrend.



Written by FX Empire