GBPUSD  Forecast

The GBPUSD was volatile but indecisive yesterday. The bias is neutral in nearest term with potential range area to be watched closely between 1.6400 – 1.6305. We have a good intraday support around 1.6305 but the failure to move back above 1.6400 yesterday keep the H&S bearish scenario remains intact especially if price able to make a clear break below 1.6305 testing 1.6250 – 1.6170. On the upside, a clear break above 1.6400 could be a threat to the H&S bearish scenario but we need a clear break above 1.6494 – 1.6516 to continue the bullish scenario which started since the breakout above the trend line resistance last week. Fundamental focus today is on US NFP number which is expected around 194K, lower than the previous at 244K. A worse than expected actual result could be a threat to the H&S bearish scenario while a better than expected result would support the H&S bearish scenario.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.