The GBPUSD had a significant bearish momentum yesterday, broke below the minor bullish channel as you can see on my hourly chart below and now traded below 1.6070 support area. Price also slipped below the triangle on daily chart suggests potential further bearish pressure. The bias is bearish in nearest term testing 1.6000 – 1.5950 strong/psychological support area. Immediate resistance at 1.6070 – 1.6100. A clear break back above that area could lead us to neutral zone in nearest term testing 1.6250/60 but overall I still prefer a bearish scenario at this phase.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.