The GBPUSD bullish momentum was paused on Friday. After the strong breakout above 1.6400 the overall outlook remains strongly bullish but we had some downside pressure earlier today in Asian session testing 1.6480 as you can see on my h4 chart below. A clear break below that area would change the intraday bias to bearish testing 1.6400. On the upside, immediate resistance at 1.6550. A clear break above that area would change the intraday bias to bullish testing 1.6700 resistance area and keep the bullish scenario remains strong.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.