GBPUSD Forecast:

The GBPUSD was corrected higher yesterday on broad Dollar weakness, topped at 1.5489 and closed at 1.5451. The major bearish scenario remains intact but I think we could have another potential upside correction testing the trend line resistance (red) and 1.5525 – 1.5575 area especially if price break above 1.5489. Immediate support at 1.5385. Consistent move below that area could trigger further bearish pressure re-testing 1.5326 before targeting 1.5250 region.

©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.