The GBPUSD failed to continue its bullish momentum yesterday, bottomed at 1.5502 and closed at 1.5515. There are no changes in my technical outlook. Price is still in a bullish correction phase since bounced from 1.5270 but remains sideways between 1.5600 – 1.5450 and need a clear break from the 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.