GBPUSD  Forecast

The GBPUSD bullish momentum was stopped yesterday but so far still able to move above 1.5780 support area (former resistance). In fact, 1.5780 is an ideal place for a long position with good risk – reward ratio, tight stop loss below 1.5780 targeting 1.5900 – 1.6000 region. A clear break and daily close below 1.5780 would postpone the bullish phase even could create a false breakout bearish reversal scenario especially if breaks below 1.5700.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.