GBPUSD Daily Forecast: January 05

By IBTimes Staff Reporter | January 04 2010 9:43 PM

GBPUSD Forecast:

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The GBPUSD attempted to push higher yesterday, topped at 1.6239 but further upside momentum was rejected as price closed significantly lower at 1.6088. On h4 chart below we can see that price is trapped in range area of 1.6250 – 1.6040 indicating consolidation. We need a break from that range area to see clearer direction. I prefer a bearish scenario but I will let the market decide then just react accordingly. Break above 1.6250 should trigger further bullish momentum towards 1.6450 while break below 1.6040 should trigger further bearish momentum towards 1.5920 – 1.5832.

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