GBPUSD Daily Forecast: March 08

By @ibtimes on

GBPUSD  Forecast

The GBPUSD was corrected lower yesterday after unable to make a clear break above 1.6300, bottomed at 1.6180 and closed at 1.6204. That was the fifth unsuccessful attempt to move consistently above 1.6300 since last week. Although the major bullish scenario remains intact as price still moves inside the bullish channel as you can see on my h4 chart below, the intraday technical bias is now bearish especially if price able to make another clear break below 1.6180 testing 1.6120/00 and the lower line of the bullish channel. A clear break below the bullish channel would open the door for further bearish pullback testing 1.5950 key support area. Immediate resistance at 1.6250. A clear break above that area would lead us to neutral zone in nearest term but would give another chance for a retest of 1.6300 – 1.6343 key resistance level.

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