The GBPUSD continued its bullish momentum on Friday and now seems ready to test 1.6300 key resistance area. The bias remains bullish in nearest term but I think we may have a good resistance around 1.6276 – 1.6300 and need a clear break above that area to continue the bullish outlook targeting 1.6500 – 1.6700 this week. Immediate support at 1.6185/50. A clear break below that area could change the intraday bias to bearish testing 1.6050 but overall the technical bias remains to the upside.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.