GBPUSD  Forecast

The GBPUSD attempted to push lower on Friday, bottomed at 1.5976 but whipsawed to the upside and hit 1.6089 earlier today in Asian session. The bias is neutral in nearest term but I think as long as price able to stay below the bullish channel price is still in a bearish phase after the fall from 1.6300 key resistance area. My medium outlook remains neutral and on the downside we should pay attention to the 1.5950 key support area as we would need a clear break below that support area to continue the bearish scenario. On the upside, immediate resistance at 1.6150. A clear break above that area would change the intraday bias to bullish retesting 1.6300 key resistance area and would give the bullish continuation scenario another chance.

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