GBPUSD  Forecast

The GBPUSD attempted to push lower yesterday, bottomed at 1.6077 but closed higher at 1.6161. The bias is neutral in nearest term. My overall intraday bias remains to the downside but note that from a daily chart point of view, looks like price is in a critical phase now, testing the lower line of the triangle as you can see on my daily chart below. Also note that 1.6000 region could be a strong support at this phase which need to be broken to the downside to continue the bearish scenario. Immediate resistance at 1.6215 followed by 1.6305.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.