GBPUSD Daily Forecast: February 12

By IBTimes Staff Reporter | February 11 2010 10:23 PM

GBPUSD Forecast:

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The GBPUSD failed to continue its bearish momentum yesterday. Once again, 1.5560/30 area proved it self as a strong support at this phase. It has been tested in five days in a row and still hold so far. The bias is neutral in nearest term but the bearish scenario should remains intact. On h4 chart below we can see price is ready to test the upper line of the bearish channel. A violation to the bearish channel should trigger further bullish correction testing 1.5800 area. On the downside, a clear break below 1.5560/30 area should trigger further bearish scenario towards 1.5375 – 1.5250 area.

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