GBPUSD  Forecast

The GBPUSD attempted to push higher earlier today in Asian session, topped at 1.6737 but whipsawed to the downside and hit 1.6649 at the time I wrote this comment. The bias is bearish in nearest term testing 1.6630/20 support area which could provide a good intraday support. A clear break below that area could trigger further bearish pressure testing 1.6550 support area but overall the major scenario remains to the upside, targeting 1.6850 – 1.7000 and any downside pressure at this phase should be seen just as a consolidation/correction movement.

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