The GBPUSD was volatile but indecisive yesterday, made a Doji on daily chart. Price attempted to push lower, bottomed at 1.5910 but broad US Dollar weakness triggered by positive reaction to Greece budget plan prevented a further drop and now struggling around 1.6000. The bias is neutral in nearest term. My overall intraday outlook remains to the downside but as you can see on my hourly chart below price has been moving in a range area of 1.5910 – 1.6070 since June 23 suggests a consolidation phase and need a clear break on either side to see clearer direction. A clear break above 1.6070 could trigger further bullish momentum testing 1.6148 – 1.6200 region while a clear break below 1.5910 could trigger further bearish momentum testing 1.5820/00.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.