GBPUSD  Forecast

The GBPUSD was volatile but indecisive yesterday. Price attempted to push lower, slipped below 1.6192 but further bearish pressure was rejected and bounced higher, closed at 1.6301. The bias is neutral in nearest term. There are no changes in my daily technical outlook and price is still trapped in a range area of 1.6192 – 1.6473 after the violation to the bearish channel. I still prefer a bullish scenario at this phase. Aggressive intraday traders can long around 1.6192 with tight stop loss, but bullish continuation can only be confirmed by a clear break above 1.6473. Immediate resistance is seen around 1.6330/60. A clear break above that area could trigger further bullish pressure testing 1.6473. Immediate support is seen around 1.6250. A clear break below that area could trigger further bearish pressure retesting 1.6192 key support area but only a clear break below that area would cancel my bullish outlook.

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