GBP/USD Forecast December 8, 2016, Technical Analysis

The British pound fell on Wednesday, testing the 1.2550 region. At this point, I believe that we could rally but the 50% Fibonacci retracement ratio has offered quite a bit of resistance. I think that we are starting to see the first vestiges of the market rolling over again, and if we can break below the previous uptrend line, I feel that the market will then continue to go much lower. It might not necessarily be a straight shot lower, but it will drift to the downside. A break higher then would have the British pound testing the 1.2850 level, an area that I consider the “ceiling” in this market.

Eracash.com - 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.

All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. Eracash.com bears no responsibility for any trading losses you might incur as a result of using any data within the Eracash.com