GBPUSD Forecast:

The GBPUSD had a significant bullish momentum yesterday. On h4 chart below we can see that price slipped above the trendline resistance and now struggling around that trendline. We are still in upside correction phase but need a consistent movement above the trendline and 1.4769 area to continue the bullish correction towards 1.4850/75 region before testing 1.5000 area. A failure to do so and a consistent move below the trendline could wane the bullish momentum testing 1.4600 area but as long as price move above the major trendline support (white, S2) the bullish correction scenario remains intact.

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