GBP/USD Forecast December 5, 2011, Technical Analysis

Friday saw a hard sell off in the cable as traders sold the risk trade in the currency markets. The breaking of the bottom of the doji form Thursday gives us a sell signal, although we are sitting just above support. The 1.53 is the start of a 200 pip support zone, and we think that the market will test the bottom again. For short-term traders, the breaking of the bottom of the range from Friday has us selling, but keeping tight stops.

 

GBP/USD Forecast December 5, 2011, Technical Analysis

Written by FX Empire