GBPUSD  Forecast

The GBPUSD attempted to push lower last week, slipped below 1.5400 but closed higher at 1.5536 and hit 1.5554 earlier today in Asian session. There are no changes in my technical outlook where price remains sideways in the last five weeks, moving between 1.5778 – 1.5400. The bias is neutral in nearest term. Immediate resistance is seen around 1.5600. A clear break and daily close above that area could trigger further bullish pressure retesting 1.5778 and the trend line resistance (white) as a false breakdown bullish scenario might occur. Immediate support is seen around 1.5465. A clear break below that area could trigger further bearish pressure testing 1.5400 but we need a clear break and daily close below 1.5400 to lead price to a new bearish phase testing 1.5330 – 1.5270.

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