The GBPUSD attempted to push higher on Friday, topped at 1.6616 but whipsawed to the downside and now struggling around 1.6473. The bias is neutral in nearest term. On h4 chart below we can see price is moving inside a bullish channel after violated the bearish channel. As long as price moves inside the bullish channel I still prefer a bullish intraday outlook at this phase. Immediate support is seen around 1.6450. A clear break below that area could trigger further bearish pullback testing 1.6400 which would open the door for further bearish pullback testing 1.6310 and the lower line of the bullish channel. Immediate resistance is seen around 1.6550. A clear break above that area could trigger further bullish momentum retesting 1.6600/16 region which would keep the bullish scenario since the break above the bearish channel remains strong, aiming for 1.6745.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.