GBPUSD Daily Forecast: June 17

on June 17 2010 12:40 AM

GBPUSD Forecast:

The GBPUSD failed to continue its bullish momentum yesterday. On h4 chart below we can see that price is now testing the minor trendline support (S1). As long as price stay above that trendline the bullish correction scenario should remains strong. On the other hand, consistent move below the minor trendline support and 1.4640 area could lead us into no trading zone in nearest term testing the major trendline support (white, S2). Note that as long as price stay above the major trendline support the bullish correction scenario remains intact. On the upside, we need a clear break above the trendline resistance (red) and 1.4875 area to continue the bullish correction targeting 1.5000.

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