The GBPUSD slipped below the major trendline support, as you can see on my daily chart below. We have a potential bearish outlook, but price retreat to the upside towards the trendline. Unless price go back above the trendline, the bias remains to the downside with nearest technical target around 1.4779 before aim for 1.4500 in longer term. Immediate resistance at 1.4900. Break above that area could trigger further bullish momentum as price may create a false breakdown scenario testing 1.5000/50 area.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.
Continue Reading Below