The GBPUSD slipped below 1.6090 yesterday, bottomed at 1.6027 and closed at 1.6069. This fact should give us more bearish intraday bias for now, still testing the key support 1.6000 but note that as long as price stays above 1.6000 the major bullish outlook remains intact. Note that we also have a descending triangle formation as you can see on my h4 chart below, which is a bearish pattern especially if price able to make a clear break below the triangle and 1.6000 which would be a threat to the bullish outlook. Immediate resistance at 1.6110. Clear break above that area would change the intraday bias to bullish re-testing 1.6170 and keep the bullish scenario remains strong.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.