GBPUSD  Forecast

The GBPUSD had a bullish momentum yesterday, topped at 1.5909 but still unable to move consistently above 1.5900 and hit 1.5869 earlier today. The bias is neutral in nearest term. A consistent movement above 1.5900 could trigger further bullish pressure retesting 1.6000 but only a clear break and daily close above 1.6000 would activate my bullish mode. Immediate support is seen around 1.5850. A clear break back below that area could trigger further bearish pressure testing 1.5800 but we need a clear break and daily close below 1.5800 strong support area to continue the false breakout bearish scenario testing 1.5700 – 1.5650.

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