GBPUSD  Forecast

The GBPUSD continued its bearish momentum yesterday, bottomed at 1.6063 but still unable to move consistently below 1.6100 so far. The bias remains bearish in nearest term especially if price able to move consistently below 1.6100 still testing 1.6000 – 1.5950 key support area. CCI in neutral area on hourly chart suggests potential upside corrective movement testing the trend line resistance and 1.6230/50 especially if price able to make a clear break above 1.6180 but as long as price moves below the trend line resistance I still prefer a bearish scenario at this phase. A short on rallies strategy with good risk – reward ratio.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.