GBPUSD  Forecast

The GBPUSD attempted to push lower yesterday, bottomed at 1.6011 but closed higher at 1.6085. There are no changes in my daily technical outlook. The bias remains neutral in nearest term as price made another indecisive daily movement. The situation remains the same. We are still in a bearish correction phase in a major bullish outlook. In order to keep the major bullish outlook remains intact, price has to be able to keep moving above 1.6000 key support area. A clear break below 1.6000 could be a threat to the bullish outlook testing 1.5780. Immediate resistance at 1.6130 followed by 1.6170. We need a clear break above 1.617o to continue the bullish scenario re-testing 1.6300.

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