GBPUSD  Forecast

The GBPUSD had a significant bearish momentum yesterday, broke below 1.6192, bottomed at 1.6109 but bounced higher earlier today in Asian session and struggling around 1.6192 area. This fact cancel my bullish outlook and my intraday technical bias has changed to a bearish view, where 1.6192 seems to be a good place for a short position with a tight stop loss, targeting 1.6000 area. On the upside, a clear break back above 1.6192 would lead price to a neutral zone and activate my wait and see mode as direction would become unclear.

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