The GBPUSD had a significant bearish momentum yesterday, bottomed at 1.5867 and closed at 1.5900. The fact that price is now moving consistently below 1.5920 support area should trigger further weakness for the Sterling targeting 1.5800 – 1.5750 area. Immediate resistance at 1.5920 (former support). Break above that area should lead us into no trading zone in nearest term but overall the sentiment should remains bearish for this pair and I am in short mode. Long position is not recommended at this phase.
Forex Trader Library
Receive over 15 hours (8 CD's) of our best Forex trading education in one package! Containing the newest Advanced Forex CD, this education pack focuses on exactly what you need to know to become a successful Forex Trader.