GBPUSD  Forecast

The GBPUSD attempted to push higher yesterday, topped at 1.5821 but further upside pressure was limited and closed lower at 1.5754. The bias is neutral in nearest term. The major scenario remains bearish but we still have a little space for another upside correction attempt testing the upper line of the bearish channel as market remains volatile without consistent momentum.  Another move above 1.5787 could trigger further bullish momentum testing 1.5850 area. On the downside, we need a clear break below 1.5650 support area to continue the bearish scenario targeting 1.5550 – 1.5500 this week.

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