GBPUSD  Forecast

The GBPUSD continued its bearish momentum yesterday, bottomed at 1.5804 but corrected higher earlier today hit 1.5865. The bias is neutral in nearest term but as long as stays below 1.5900/20 price is still in a bearish intraday phase after the false breakout above 1.6000. Key support is seen around 1.5800 area which is the daily EMA 200 that need to be broken to the downside to continue the bearish scenario testing 1.5700 – 1.5650 region. On the upside, a clear break above 1.5920 could trigger further bullish pullback testing 1.6000 but only a clear break and daily close back above 1.6000 would give the bullish scenario another chance.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.