GBPUSD  Forecast

The GBPUSD was volatile but indecisive yesterday. Price attempted to push lower, slipped below 1.5650 but further bullish pressure was rejected and hit 1.5724 earlier today. The bias is neutral in nearest term but unless we have a clear break and daily close below 1.5650 the bullish scenario since the breakout above the trend line resistance should remain intact and 1.5650 – 1.5700 area remains a good place for a long position with tight stop loss still targeting 1.5900 – 1.6000 area.

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

.