GBPUSD Daily Forecast: January 11

By IBTimes Staff Reporter | January 10 2010 10:08 PM

GBPUSD Forecast:

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The GBPUSD is at critical technical phase right now. As you can see in my daily chart below, price is now testing the bearish channel. As long as the bearish channel valid, the bearish scenario should remains intact especially if we have another movement back below 1.6040/00 area again today testing 1.5832 – 1.5900 area. However, a violation to the bearish channel should be seen as bearish failure and could start a new bullish scenario testing 1.6700 area. Immediate resistance at 1.6120/50 area. Break above that area should be seen as serious threat to the bearish scenario.

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