GBP/USD Technical Analysis for the Week of October 17, 2011
The GBP/USD pair rose during the week, and even broke the 1.58 level. The real question now is whether or not the pair can continue. So far, it looks very bullish. With the G20 meeting over the weekend, traders will focus on anything Europe-related coming out, and as the British
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The GBP/USD pair rose during the week, and even broke the 1.58 level. The real question now is whether or not the pair can continue. So far, it looks very bullish. With the G20 meeting over the weekend, traders will focus on anything Europe-related coming out, and as the British are so exposed to the EU debt issues, this will certainly have an effect on this pair.
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The pair looks strong technically, but is going to be prone to headline risks going forward. The issues in Europe are simply far too troublesome for it to be any other way. Because of this, we are still looking for rallies to sell, but think that this pair could rise as far as 1.60 before running into massive resistance.
