GBPUSD  Forecast

The GBPUSD continued its bearish momentum yesterday bottomed at 1.6226 and closed at 1.6258. The bias remains bearish in nearest term especially if price able to make another clear break below 1.6220 testing 1.6090. The false breakout above the range gives us more bearish intraday bias but note that overall outlook remains sideways as price still trapped inside the range area as you can see on my h4 chart below. Immediate resistance at 1.6300. A clear break above that area would lead us to neutral zone in nearest term but could open the door for another retest of 1.6400 resistance area. CCI in negative area indicates potential downside pressure.

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