GBPUSD Daily Forecast: February 22

By IBTimes Staff Reporter | February 21 2010 8:48 PM

GBPUSD Forecast:

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The GBPUSD attempted to push lower on Friday, bottomed at 1.5347 but closed higher at 1.5452 indicating limited bearish. On h4 chart below we can see that price seems to ready to test the upper line of the minor bearish channel. The bias is bullish in nearest term but as long as price stay below 1.5560 I still prefer a bearish scenario since the main trend should remain bearish and the current bullish momentum should be seen only as a corrective move. Immediate support at 1.5400. Break below that area should be seen as potential threat to the bullish correction scenario re-testing 1.5347 before aim for 1.5250 area.

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