GBPUSD  Forecast

The GBPUSD had another indecisive movement yesterday. There are no changes in my technical outlook. The bias remains neutral in nearest term and overall price is still consolidating. On the upside, we need a clear break above 1.5778 and the trend line resistance (white, around 1.5900) to turn my overall technical bias to a bullish mode. Immediate support remains around 1.5600. A clear break and daily close below that area would turn my nearest term bias to a bearish mode testing 1.5407 which is the lower line of the range area as you can see on my h4 chart below.

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

.