The GBPUSD attempted to push lower on Friday, bottomed at 1.5443 but closed higher at 1.5512. On h1 chart below we can see price is moving inside a triangle formation indicating consolidation. We are still in upside correction phase but my major bearish outlook remains intact especially if price break below the triangle re-testing 1.5370. On the other hand, break above the triangle could trigger further upside correction testing 1.5700 which could be a serious threat to the bearish outlook.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.