GBPUSD Daily Forecast: May 10

By @ibtimes on

GBPUSD  Forecast

The GBPUSD attempted to push lower yesterday, hit my intraday bearish target around 1.6280, but further bearish pressure was rejected and closed significantly higher at 1.6405. The bias is neutral in nearest term but as long as price moves outside the bullish channel and below 1.6425/50 resistance area the bearish phase should remain intact. Immediate support at 1.6340. A clear break below that area would change the intraday bias back to bearish again retesting 1.6280. Below 1.6280, there is a support around 1.6164 to be tested. On the upside, a clear break above 1.6450 would halt the short term bearish outlook, but I think we need a clear break at least back above 1.6600 to end the current bearish correction and keep the major bullish scenario strong.

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