The GBPUSD slipped below 1.5128 yesterday, indicating potential downside scenario. On h4 chart below we can see that price is now struggling around the lower line of the range area around 1.5128. The bullish scenario surely in a serious threat especially if price able to move below 1.5070 area today, targeting 1.5000 psychological level before back towards 1.4779 region as bullish scenario fails. Immediate resistance at 1.5210 area. Break above that area could trigger further bullish momentum testing 1.5290 area and keep the neutral bias in medium term intact and brings us back in range area of 1.5520 – 1.5128 again.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.