GBPUSD  Forecast

The GBPUSD failed to continue its bullish momentum yesterday. The bias is neutral in nearest term as direction is unclear and overall price still trapped in range area of 1.5778 – 1.5400 in the last 5/6 weeks. While shorter time frames suggest sideways/consolidation phase, price still moving below EMA 200 on daily, weekly and monthly chart suggests a bearish outlook. Immediate support is seen around 1.5570/50. A clear break below that are could trigger further bearish pressure testing 1.5500 – 1.5400 region. Immediate resistance is seen around 1.5650. A clear break above that area could trigger further bullish pressure testing 1.5700 – 1.5778 resistance area but only a clear break above 1.5778 and the trend line resistance (white) would activate my bullish intraday mode testing 1.5850 – 1.5900 area.

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

.