GBPUSD Forecast:

The GBPUSD attempted to push higher yesterday, slipped above 1.4550 but closed lower at 1.4466. The bias is neutral in nearest term but still within the major bearish scenario testing 1.4240 area. Consistent move above 1.4550 could trigger further upside recovery testing 1.4600 – 1.4700 region. On the downside, we need a clear break below the trendline support and 1.4350 area, as you can see on my h4 chart below, to continue the bearish scenario.

©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.