GBPUSD Forecast:

The GBPUSD failed to continue its bullish correction yesterday, bottomed at 1.4587 and closed at 1.4612 after unable to stay consistently above 1.4720. On h4 chart below we can see price is now struggling around the bullish channel lower line indicating critical technical phase. A clear break below the bullish channel could be seen as the end of the bullish correction phase and resume its major bearish scenario at least testing 1.4450 area. However note that as long as the bullish channel hold, the upside correction scenario remains intact. Immediate resistance at 1.4720. Break above that area should keep the bullish correction scenario intact testing 1.4865 region.

Related Posts:

  • GBPUSD Daily Forecast: June 01
  • GBPUSD Daily Forecast: March 04
  • GBPUSD Daily Forecast: June 03
  • GBPUSD Daily Forecast: February 15
  • EURUSD Daily Forecast: April 05
  • ©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

    .