GBPUSD Daily Forecast: November 07

By @ibtimes on

GBPUSD  Forecast

The GBPUSD was indecisive on Friday, made a Doji on daily chart. The bias is neutral in nearest term with potential daily range between 1.6035/50 – 1.5850. I still prefer a bearish intraday scenario since the break below the bullish channel as you can see on my h4 chart below but so far the bearish pressure is still limited. A clear break and daily close above 1.6050 could trigger further bullish momentum and turn my intraday bias to a bullish view testing 1.6150 – 1.6200 area. Immediate support is seen around 1.5970 region. A clear break below that area could trigger further bearish pressure testing 1.5925 and 1.5850. On the downside we need a clear break and daily close below 1.5850 to continue the bearish scenario testing 1.5700 area.

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

.

Join the Discussion