The GBPUSD continued its bullish bias yesterday since the rejection to make a clear break below 1.6164 and found an intraday resistance around 1.6305 (May 15 high). A clear break above that area could trigger further upside pullback testing 1.6350 and the trend line resistance (white) but as long as price stays below the trend line resistance the bearish outlook since the fall from 1.6737 should remain intact. A clear break above 1.6350 could be a threat to the bearish outlook testing 1.6500 region. On the downside, immediate support at 1.6230. A clear break below that area could change the intraday bias back to bearish retesting 1.6164 but my bearish mode will be activated only by a clear break below 1.6164, still targeting 1.5970 – 1.6000 key support area.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.