GBPUSD  Forecast

The GBPUSD had a strong bullish momentum last week, topped at 1.5576 and closed at 1.5541 as a part of the bullish phase since the rejection to move consistently below 1.5270 support area. The bias is bullish in nearest term testing 1.5600. Immediate support is seen around 1.5500. A clear break below that area could lead price to neutral zone in nearest term but only a clear break back below 1.5400 could stop the current short term bullish outlook retesting 1.5270. On the upside, a clear break and daily close above 1.5600 could trigger further bullish momentum testing 1.5700 – 1.5800.

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