GBPUSD  Forecast

The GBPUSD bearish momentum was stopped yesterday after failed to make a clear break below 1.5400 support area, and hit 1.5483 earlier today. The bias is neutral in nearest term. There are no changes in my technical outlook and overall price remains sideways since seven weeks ago although EMA 200 indicator still suggest a bearish outlook. Immediate resistance is seen around 1.5500/50 region. A clear break and daily close above that area could trigger further bullish pressure testing 1.5600/68 region but only a movement above 1.5778 and the trend line resistance (white) would activate my bullish intraday mode. On the downside, we still need a clear break and daily close below 1.5400 to continue the bearish scenario testing 1.5330 – 1.5270 area.

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

.