The GBPUSD was volatile but indecisive yesterday. There are no changes in my daily technical outlook. I still prefer to keep out from the market for now as market still consolidate without clear direction and consistent momentum, but aggressive intra-day traders can still short around the upper line of the bearish channel (now around 1.5620/30) or long around the trend line support (around 1.5400 – 1.5370) with tight stop loss. A clear break above the bearish channel could be a serious threat to the technical bearish outlook while a clear break below the trend line support would confirm the bearish continuation scenario targeting 1.5000. The bias remains bullish in nearest term testing 1.5630/50 resistance area. Clear break above that area and violation to the bearish channel could be an early signal of a bullish reversal scenario. Immediate support at 1.5474 followed by 1.5400 – 1.5370.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.