The GBPUSD had a bearish momentum yesterday. The bias is bearish in nearest term but overall we are still in consolidation phase without clear direction and consistent momentum. On h4 chart below we can see that during the major bearish move, price made some upside corrections before continue to move lower after broke below some minor trend line supports. Now, price is testing another minor trend line support. Break below that minor trend line support and 1.5450 support area could trigger further bearish pressure testing 1.5370/50 but note that the major trend line support remains a strong support at this phase and the major bearish continuation scenario testing 1.5000 would be validated only by a clear break below that major trend line support. Immediate resistance at 1.5550. Break above that area could lead us to neutral zone in nearest term testing 1.5600 – 1.5650.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.