GBPUSD  Forecast

The GBPUSD made another volatile but indecisive movement on Friday. There are no changes in my daily technical outlook. My overall intraday bias remains to the downside but price is now in a critical phase testing the lower line of the triangle formation as you can see on my daily chart below and 1.6000 strong support area. We need a clear break below the triangle and 1.6000 to continue the bearish scenario. Immediate resistance at 1.6150. A clear break above that area could trigger further bullish pullback testing 1.6250. Daily CCI in negative territory still suggests potential bearish pressure.

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

.