GBPUSD Daily Forecast: February 07

By @ibtimes on

GBPUSD  Forecast

The GBPUSD was volatile but indecisive on Friday. Price attempted to push lower, bottomed at 1.6035 but closed higher at 1.6108. The bias is neutral in nearest term, but like I said, as long as price stays above 1.6000 the major bullish outlook remains intact. As you can see on my h1 chart below, during the bullish phase from 1.5350, price made two downside corrections (red arrows) but so far the major bullish outlook remains intact and those corrections have not cancel the major bullish view yet. Immediate resistance at 1.6170. Break above that area would change the intraday bias to bullish and open the door for further bullish pressure re-testing 1.6300 area.

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

.

Join the Discussion