GBPUSD Daily Forecast: March 02

By @ibtimes on

GBPUSD  Forecast

The GBPUSD slipped above 1.6300 key resistance yesterday but whipsawed strongly to the downside, closed at 1.6263 and hit 1.6214 earlier today in Asian session. This fact not only change the intraday bias to bearish testing 1.6180/50, but could produce a false breakout scenario which from a broader view could lead to a bearish pressure testing the lower line of the current range market at 1.5950. On the upside, immediate resistance at 1.6280. A clear break above that area would change the intraday bias to bullish but we still need a clear break and a convincing daily close above 1.6300 to continue the bullish scenario testing 1.6500 – 1.6700 region.

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