GBPUSD  Forecast

The GBPUSD failed to continue its bearish momentum yesterday, slipped above 1.6035. The bias is neutral in nearest term. Price has been moving sideways since Tuesday without clear direction. I still prefer a bearish scenario at this phase but a clear break and daily close above 1.6035 could turn my intraday bias to a bullish view testing 1.6150 – 1.6200 region. I will stand aside for now and wait for further development. Immediate support is seen around 1.5970 followed by 1.5925 and 1.5850. On the downside we need a clear break and daily close below 1.5850 to continue the bearish scenario since the break below the bullish channel and reactivate my bearish mode testing 1.5700 region. Fundamental focus is on the US NFP today.

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

.