By FX Empire.com
The GBP/USD pair had a horrible showing this past week as the world continues to run towards the US Dollar. The pair is currently sitting in the middle of the “line in the sand” of 1.55 – 1.53. The area is absolutely vital if bulls want any chance to regain the upper hand. As a result, we like selling a break below the 1.53 level for a long-term trade that could perhaps run as low as 1.42 before it is done. The pair is very risk-sensitive, so headline shocks out of the EU will continue to guide the direction. We don’t buy this pair as we aren’t fond of catching falling knives.
GBP/USD Forecast for the Week of Nov. 28th, 2011
Originally posted here
