The GBP/USD is forming a massive shooting star today, which shows massive weakness. The truth is that there is simply too much support underneath to sell with any conviction, and that the market is likely to find one of those levels, and continue up from there. (The levels are 1.65, 1.64, and 1.63) Selling is risky, but being patient for a pullback and supportive action should reward the buyer over time.
Originally posted here
Read more about forex technical analysis, forex fundamental analysis and forex news on ForexMansion.com
About ForexMansion.com:
www.ForexMansion.com is a part of the Finance Mansion Network which operates global financial websites. Our goal is to provide our readers with the most accurate, quality and up-to-date technical analysis, fundamental analysis and news in order to assist them in making the right financial decisions.
The Finance Mansion Network includes www.FinanceMansion.com,www.ForexMansion.com, www.StocksMansion.com, www.CommoditiesMansion and many more.
