The GBPUSD was indecisive last week. The bias is neutral in nearest term. As long as price moves inside the bearish channel, as you can see on my daily chart below, the major scenario remains to the downside. However the appearance of the hammer suggests potential bullish pullback testing the upper line of the bearish channel but unless the bearish channel violated, overall I still prefer a bearish scenario. Immediate support is seen at 1.6065/50. A clear break below that area could change the intraday bias back to bearish testing 1.6000 – 1.5950/00 support area. Immediate resistance is seen at 1.6150 followed by 1.6192. A clear break above 1.6192 could trigger further bullish momentum testing the upper line of the bearish channel and 1.6260 resistance area which could be a threat to the bearish scenario.
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