GBPUSD Daily Forecast: December 17

By IBTimes Staff Reporter | December 16 2009 9:28 PM

GBPUSD Forecast:

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The GBPUSD had a bullish momentum after breakout above the triangle yesterday as you can see in my h4 below, topped at 1.6410 but failed to consistently move above 1.6400 area and closed lower at 1.6324. Although this fact lead us into no trading area in nearest term, I still prefer a bearish scenario and it is clearly too early for a bullish reversal scenario. For me, only a consistent move above 1.6400 could be a serious threat to my bearish scenario and break above the trendline resistance (red) should confirm the bullish scenario. Immediate support at 1.6250 followed by 1.6200. Break below those area could trigger further bearish momentum targeting 1.6113 area.

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