GBP/USD Forecast December 1, 2016, Technical Analysis

The British pound initially fell at the open on Wednesday, but turned around at the 1.24 region to bounce and form a hammer. The hammer sits right just below the 1.25 handle, and because of this I believe that we may break out to the upside but quite frankly I don’t want to be bothered. I see quite a bit of noise just above, and that the “ceiling” at the 1.2850 level is very much intact. Given enough time, I think that we will see the market make an impulsive move to the downside, but right now I think this is essentially “dead money.” - The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate.

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