GBPUSD Daily Forecast: August 26

By @ibtimes on

GBPUSD  Forecast

The GBPUSD continued its bearish momentum yesterday and now struggling around the lower line of my bullish channel as you can see on my h4 chart below suggests a critical technical phase. As long as the bullish channel holds the bullish scenario remains intact and the lower line of the bullish channel can be a good place for a long position due to a good risk reward ratio, with a tight stop loss on a clear break below the bullish channel and 1.6270/50 support area. Immediate resistance is seen around 1.6350. A clear break above that area could trigger further bullish momentum testing 1.6420 which could keep the bullish scenario intact. On the other hand, a clear break below the bullish channel could end the bullish outlook and lead price to a new bearish view testing 1.6100 – 1.6000 area.

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


Join the Discussion