GBPUSD  Forecast

The GBPUSD failed to continue the bullish correction phase on Friday after the US NFP data and now slipped below the bullish channel as you can see on my hourly chart below which is a threat to the bullish correction phase. The bias is bearish in nearest term especially if price able to make a clear break below 1.5600 testing 1.5520 – 1.5422 support area. Immediate resistance is seen around 1.5635 area. A clear break back above that area could lead price to a neutral zone in nearest term but would keep the bullish correction phase intact at least testing 1.5700 area.

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