GBPUSD  Forecast

The GBPUSD was volatile yesterday but overall the intraday bias was more to the upside and now struggling around 1.6070 region. From another technical point of view as you can see on my hourly chart below, price is forming a rounding bottom bullish formation suggests potential bullish scenario especially if price able to make a clear break above 1.6070 testing 1.6148 – 1.6200.  Immediate support at 1.6000. A failure to make a clear break above 1.6070 and movement back below 1.6000 could trigger further bearish pressure testing 1.5950 – 1.5900 support area.

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