The GBPUSD failed to continue its bullish bias yesterday, fell below 1.5600. The bias is bearish in nearest term especially if price able to stay consistently below 1.5600 testing 1.5550 – 1.5500 support area. While short term bias turned bearish now, my medium bias is entering a neutral zone so I am not yet in a bearish mode. Immediate resistance is seen around 1.5650. A clear break back above that area could lead price to neutral zone in nearest term but would keep the bullish phase since bounced from 1.5270 remains strong testing 1.5700 – 1.5750 area. On the downside, key support area is seen around 1.5450. A clear break and daily close back below that area will activate my bearish mode retesting 1.5270 or lower.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.