GBPUSD Daily Forecast: March 10

By swibowo
09 March 2010 @ 10:16 pm EDT

GBPUSD Forecast:

The GBPUSD attempted to push lower yesterday, bottomed at 1.4935 but closed higher at 1.4994. The fact that price still unable to make a clear break below 1.4950 area indicates that the bullish correction scenario remains intact but overall the pressure should remain to the downside. Immediate resistance at 1.5050. Break above that area could trigger further bullish correction towards 1.5200/50 area. On the other hand, clear break below 1.4950 area should continue the bearish momentum re-testing 1.4779.

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