By FX Empire.com
The GBP/USD pair rose again this previous week as the Pound continues to beat up on the Dollar. The 1.58 level has given way, and we are now pressing the 1.59 level. The UK is presently heavily exposed to the European Union, and as such we are a bit perplexed by the sudden surge in the Pound. The trend is still down though, and as a result – we are looking for a selling signal. The next couple of days will be very important in the future of this pair. We are willing to sell on exhaustive candles, and a failure to stay above the 1.5650 level. A breakdown below the 1.53 level has us selling aggressively. A break above the 1.62 level is what it will take for us to buy as the current levels are so tight for traders that are looking to be in the trade for more than a few days or even hours.
GBP/USD Forecast for the Week of February 6, 2012, Technical Analysis
Originally posted here
