The GBPUSD had a significant bullish momentum yesterday, strongly broke above 1.6338 and hit 1.6438 earlier today in Asian session. This bullish momentum is the continuation after the violation to the bearish channel and a break above 1.6192, targeting 1.6545. A clear break above that area would open the door for further bullish scenario testing April high at 1.6745. Immediate support is seen around 1.6370 followed by 1.6338. Only a clear break back below 1.6338 would change my bias to a neutral zone in nearest term and could open the door for further bearish pullback testing 1.6192.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.