GBPUSD Daily Forecast: March 09

By @ibtimes on

GBPUSD  Forecast

The GBPUSD continued its bearish momentum yesterday and now testing the lower line of the bullish channel as you can see on my h4 chart below. The bias is bearish in nearest term especially if price able to make another clear break below the bullish channel and 1.6100 support area testing 1.6030 even would open the door for further bearish scenario testing 1.5950 key support area. However note that from h4 chart point of view this pair is still moving in a sideways condition between 1.6300 – 1.5950. Immediate resistance at 1.6220. A clear break above that area would change the intraday technical bias to bullish retesting 1.6300.

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

.

Join the Discussion