GBPUSD Daily Forecast: March 01

  @ibtimes on February 28 2010 9:39 PM

GBPUSD Forecast:

The GBPUSD was indecisive on Friday. Price attempted to push lower, bottomed at 1.5150 but closed higher at 1.5249. The bias is neutral in nearest term but overall I am still in bearish mode for this pair with potential target around psychological level 1.5000 this week. Immediate resistance at 1.5250. Break above that area should lead us into no trading zone but the main scenario should remain bearish as long as price move inside the bearish channel and any upside momentum should only be seen as a corrective movement.

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