The GBPUSD continued its bearish correction yesterday on broad US Dollar strength and now seems ready to test 1.6425 support area as you can see on my daily chart below. The bias remains bearish in nearest term. Immediate resistance at 1.6550. A clear break above that area would lead us to neutral zone in nearest term but would keep the major bullish scenario remains strong testing 1.6737/00. On the downside, a clear break below 1.6425 could trigger further bearish pressure testing 1.637o and change my medium term bias into a neutral area.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.