GBPUSD  Forecast

The GBPUSD was volatile but indecisive yesterday. Price attempted to push lower, bottomed at 1.5680 but whipsawed to the upside, closed at 1.5798 and hit 1.5823 earlier today in Asian session. As you can see on my hourly chart below, price has been moving in a sideways condition between 1.5850 – 1.5650 and need a clear break from the range area to see clearer direction. Aggressive intraday traders can long around 1.5650 or short around 1.5850 with tight stop loss. The triple top bearish formation should remain intact, but a clear break above 1.5850 would cancel the formation which could lead to further bullish pressure testing 1.5915 – 1.6000 area.

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