The GBPUSD was volatile but indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term but as long as price unable to stay consistently above 1.6550/70 the intraday bias remains more to the downside, testing 1.6425 – 1.6350 and the lower line of the bullish channel as you can see on my daily chart below. The major bullish scenario remains intact and the current bearish pressure is still considered as corrective movement but a break below the bullish channel will be a serious threat to the strong bullish outlook. On the upside, a clear break above 1.6550/70 could trigger further bullish momentum testing 1.6737/00 resistance area. Fundamental focus is on BoE/MPC rate decision today and US NFP tomorrow.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.