GBPUSD Daily Forecast: December 23

By @ibtimes on

GBPUSD  Forecast

The GBPUSD slipped below 1.5400 and the daily chart trend line support yesterday, hit 1.5352 but still unable to stay consistently below the trend line support so far and now back above 1.5400. Price is now in critical phase in longer term outlook where a clear move below the trend line support could lead us to a bigger bearish scenario.  Immediate resistance at 1.5500. Break above that area could lead us to neutral zone in nearest term testing 1.5550 – 1.5600 but as long as price moves inside the bearish channel the major scenario remains bearish. Immediate support at 1.5350 – 1.5300 which is also the nearest bearish target. A clear break below that area could give us further validation to a bigger bearish scenario testing 1.5000 psychological level.

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

.

Join the Discussion