GBPUSD Forecast:

The GBPUSD attempted to push lower yesterday, bottomed at 1.5508 but again, positive fundamental data, good retail sales number denied further bearish pressure and push Cable to the upside, up more than 100 pips just in the first 30 minutes after the data release, topped at 1.5670 and closed lower at 1.5599, formed another Doji on daily chart indicating another indecisive market. On h4 chart below we can see price has been moving in range area of 1.5700 – 1.5500 indicating consolidation since August 12. We need a break on either side to see clearer direction. Break above 1.5700 could trigger further upside recovery testing 1.5820 while break below 1.5500 could confirm the bearish reversal scenario at least testing 1.5450 – 1.5380 region.

©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.