GBPUSD  Forecast

The GBPUSD was corrected higher on Friday. We have a triple bottom formation as you can see on my h4 chart below suggests potential upside pullback especially if price able to make a clear break above 1.5490 testing 1.5630 but overall my major technical bias remains to the downside and any upside pullback now is normal and should be seen as a corrective move. Immediate support is seen around 1.5400. A clear break below that area could trigger further bearish pressure testing the triple bottom support around 1.5330 but we need a clear break and daily close below 1.5330 to continue the major bearish scenario testing 1.5250 which would also open the door for further bearish pressure testing 1.5000 major support area.

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