The GBPUSD attempted to push lower yesterday, bottomed at 1.5784 but whipsawed to the upside and closed higher at 1.5872 in a volatile market. The bias is neutral in nearest term and overall price still trapped in range area of 1.6000 – 1.5650 and need a clear break on either side to see clearer direction. Immediate support is seen around 1.5784 (yesterday’s low). A clear break below that area could trigger further bearish momentum testing 1.5700 – 1.5650. Immediate resistance is seen around 1.5900. A clear break above that area could trigger further bullish momentum testing 1.6000. I think the best intraday strategy is to sell around 1.6000 or buy around 1.5650 with tight stop loss taking advantage of the sideways condition.
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