GBPUSD Daily Forecast: July 02

The GBPUSD slipped below the minor trendline support yesterday, but whipsawed to the upside, topped at 1.5189 and closed at 1.5175 after three high impact US data (Unemployment Claims, ISM Manufacturing PMI, Pending Home Sales) showed bad results. The bias is bullish in nearest term targeting 1.5400 – 1.5500 region especially if price able to move consistently above the trendline resistance (yellow). Immediate support at 1.5100. Break below that area could lead us into neutral zone in nearest term but as long as price stay above 1.5000 area the bullish bias should remain intact. We will have US NFP data today, which is expected to be a bad one, forecast at -106K. Unless we see a big positive surprise from the forecast, the Sterling should keep its bullish bias at this phase.

©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.