GBPUSD Forecast

The GBPUSD didn’t make significant movement yesterday, still trapped in range area of 1.5600 – 1.5450. There are no changes in my technical outlook and we need a clear break from the range area to see clearer direction. Price is still in a bullish correction phase since bounced from 1.5270.  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. Fundamental focus is on Greek legislative election on June 17, a battle between pro and anti bailout parties which likely to create high volatile market and we might have another big gap on Monday.

width=480px

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

.