GBP/USD Trading Forecast

By IBTimes Staff Reporter | August 05 2010 1:30 AM

GBP/USD closed lower due to profit taking on Wednesday as it consolidates around the 62% retracement level of the 2009-2010-decline crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term.

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If it extends the aforementioned rally, the 75% retracement level of the 2009-2010-decline crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.

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