GBPUSD  Forecast

The GBPUSD was volatile but indecisive yesterday. Price slipped above 1.6516 but unable to move consistently above that area and closed lower at 1.6465. The bias is neutral in nearest term but this fact could create a false breakout scenario testing 1.6400. I still prefer a bullish scenario at this phase but would need another movement above 1.6516 to continue the bullish pressure testing 1.6600 even 1.6737. On the downside, a clear break below 1.6400 could trigger further bearish pullback testing 1.6350 – 1.6305 support area which could be a threat to the current bullish intraday outlook since the break above the trend line resistance last week.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.