The GBPUSD continued its bearish pressure last week, but still unable to make a clear break below the trend line support so far as you can see on my daily chart below. We need a clear break below the trend line support to continue the bearish scenario at least testing 1.5300 before targeting 1.5000. Immediate resistance at 1.5480. Break above that area could trigger further upside pullback testing 1.5550 but as long as price moves inside the bearish channel we are still in a major bearish outlook.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.