The GBPUSD continued its bearish momentum yesterday and slipped below 1.5700 as a part of the bearish scenario after the breakdown below the range area as you can see on my h4 chart below. The bias remains bearish in nearest term testing 1.5635. A clear break and daily close below that area could trigger further bearish pressure testing 1.5500 region. Immediate resistance is seen around 1.5800/20 area. A clear break above that area could lead price to a neutral zone in nearest term. Price is in oversold condition so any upside pullback now is normal but as long as stays below 1.5875 I still prefer a bearish scenario at this phase with short on rallies strategy. Only a clear break and daily close back above 1.5875 would stop the current bearish intraday outlook and activate my wait and see mode as direction would become unclear.
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