The GBPUSD made another volatile but indecisive movement yesterday. The bias remains neutral in nearest term. I still prefer a bearish intraday scenario as long as price stays below 1.5910 and my major outlook remains to the downside since the violation to the bullish channel as you can see on my daily chart below. Immediate support is seen around 1.5779. A clear break back below that area could trigger further downside attempt testing 1.5700 – 1.5650 and keep the major bearish bias strong. On the upside, a clear break back above 1.5910 could trigger further upside correction testing 1.6000 region but overall I still prefer a bearish scenario at this phase.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.