The GBPUSD had a significant bearish momentum yesterday, fell below 1.6000 and slipped below the trend line support as you can see on my daily chart below. This fact is a serious threat to the bullish scenario and might create a bearish reversal scenario. The bias remains bearish in nearest term testing daily EMA 200 support located around 1.5885. A clear break and daily close below that area would give further confirmation to the bearish reversal scenario. Immediate resistance is seen around 1.6050. A clear break and daily close back above that area could lead price to neutral zone in nearest term but would keep the bullish scenario intact.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.