The GBPUSD didn’t make significant movement yesterday, trapped in range area of 1.6176 – 1.6053 since Tuesday. The bias remains neutral in nearest term and there are no changes on my daily technical outlook. Price still in a bullish correction phase since the appearance of the hammer formation on July 12th but the major bearish scenario remains intact as long as price moves inside the bearish channel. I still prefer a bearish scenario at this phase and the upper line of the bearish channel and 1.6192 area remains a good place for a short position due to a very good risk – reward ratio there, a tight stop loss above the bearish channel and 1.6192 resistance area. A clear break above that area and violation to the bearish channel could be a threat to my bearish outlook at least testing 1.6260 even higher as a new bullish phase might take place. Immediate support remains around 1.6060. A clear break below that area could trigger further bearish pressure testing 1.6000 and 1.5950 support area and keep the major bearish scenario remain strong.
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