GBPUSD Daily Forecast: April 14

  @ibtimes on April 13 2010 11:10 PM

GBPUSD Forecast:

The GBPUSD attempted to push higher yesterday, topped at 1.5448 but further bullish momentum was rejected as price closed lower at 1.5377. The bias is neutral in nearest term but note that we are still in bullish mode for this phase as price still able to move inside the bullish channel. Like the EURUSD, on h4 chart below we can see a bullish flag indicating potential bullish outlook especially if price breakout above the flag targeting 1.5550 area. Immediate support at 1.5330/50 region. Break below that area should lead us into no trading zone as direction would become unclear in nearest term but as long as the bullish channel hold I still prefer a bullish scenario.

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