By FX Empire.com
The GBP/USD pair fell for most of the week, but triggered a sell signal from the shooting star printed the week before. The move will have caught a lot of sellers on the back foot, and this looks like a consolidation move waiting to happen. However, it should be noted that the candle for the Friday session is a shooting star, and at the 1.58 level. This suggests that the next move could easily be down. The breaking of the top of the candle for last week negated this idea of course, but the breaking of the bottom of the hammer from this week has the market running for much lower levels. Expect choppiness in the meantime.
GBP/USD Forecast for the Week of February 20, 2012, Technical Analysis
Originally posted here
