GBPUSD  Forecast

The GBPUSD continued its bearish momentum yesterday, bottomed at 1.5371 but rebound higher earlier today in Asian session traded around 1.5420 at the time I wrote this comment. The bias is neutral in nearest term but the main scenario remains to the downside especially if price able to move consistently below 1.5371 targeting 1.5250 region.  On daily chart below we can see some V top patterns which usually followed by bearish movement. Immediate resistance at 1.5470 – 1.5500. Break above that area could trigger further bullish pullback testing 1.5580 but I still prefer a bearish scenario at this phase.  Pay attention to some economic data from the Euro zone and US today.

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