GBPUSD Forecast

The GBPUSD failed to continue its bearish momentum yesterday, topped at 1.5588 and closed at 1.5563. The bias is neutral in nearest term. The major bearish scenario since broke below the trend line support and EMA 200 remains intact but price is still in a consolidation/bullish correction phase after bounced from 1.5270. Potential daily range is seen between 1.5600 – 1.5450 and we need a clear break from that range area to see clearer direction. A clear break and daily close above 1.5600 could trigger further bullish correction testing 1.5650 – 1.5700 region. On the downside, a clear break below 1.5450 could end the bullish correction phase and continue the bearish scenario retesting 1.5270 key support area.


©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.