The GBPUSD continued its bullish correction on Friday as Dollar was broadly lower during the last week of 2010, topped at 1.5663 but traded lower earlier today in Asian session and hit 1.5531. The bias is neutral in nearest term. We are still in bullish correction phase, but as long as price moves inside the bearish channel the major scenario remains to the downside. Immediate support at 1.5475. Break below that area could trigger further bearish pressure testing 1.5400 – 1.5350 but as long as the trend line support hold, we may see another strong upside rebound and market likely to remain volatile. Immediate resistance at 1.5600. Clear break above that area could trigger further bullish momentum targeting 1.5650 – 1.5700 and the upper line of the bearish channel which could be a serious threat to the bearish outlook.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.