GBPUSD  Forecast

The GBPUSD had a bullish momentum yesterday, topped at 1.5668 and closed at 1.5643. The bias is bullish in nearest term testing 1.5778 but note that as long as stays below 1.5778 and the trend line resistance (white) price is still in a consolidation phase, moving sideways between 1.5778 – 1.5400 since five/six weeks ago. On the upside we need a clear break above 1.5778 and the trend line resistance to give us an early indication of a new bullish phase testing 1.5850 – 1.5900 area. Immediate support is seen around 1.5600. A clear break below that area could lead price to neutral zone in nearest term testing 1.5550. A clear break below 1.5550 would turn my nearest term bias back to a bearish view testing 1.5400 support area and keep price in consolidation phase a little bit longer

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