GBPUSD  Forecast

The GBPUSD was indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term but overall price is still in a bullish intraday phase since the bullish run after the false breakdown below 1.5330 but there has been hesitation to make a clear break above 1.5750 so far and need a clear break and daily close above 1.5750 to continue the bullish scenario targeting 1.5915 region. Immediate support is seen around 1.5664 (yesterday’s low). A clear break below that area could trigger further downside pullback testing 1.5600 area but only a clear break and daily close below 1.5600 could be a threat to the current strong bullish intraday outlook.

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