GBPUSD  Forecast

The GBPUSD had a significant bearish momentum yesterday, broke below the range area and hit 1.6350 as you can see on my h4 chart below. The bias is bearish in nearest term testing the lower line of my bullish channel and 1.6270 support area but as long as price moves inside the bullish channel, the bullish scenario since the bullish run from 1.5779 should remain intact. Immediate resistance is seen around 1.6420 (former support). A clear break back above that area could lead price to a neutral zone in nearest term but would keep the bullish scenario strong testing 1.6500 even retesting 1.6615 key resistance area.

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