GBPUSD Daily Forecast: January 28

 @ibtimes
on January 27 2010 7:19 PM

GBPUSD Forecast:

The GBPUSD attempted to push higher yesterday, topped at 1.6242 but closed lower at 1.6167. The bias is neutral in nearest term and I think we are in no trading zone now. On daily chart below we can see that the battle now is between the trendline resistance (aqua) and the trendline support (red). A Break on either side should give us clearer direction. Break above the trendline resistance should trigger further bullish momentum towards 1.6456 area while break below the trendline support should trigger further bearish momentum testing 1.6000/40 area before aim for 1.5800 area.

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