GBP/USD Daily Forecast

Thursday, August 12, 2010

The GBPUSD also had a significant bearish momentum yesterday, bottomed at 1.5628 and closed at 1.5656. On daily chart below we can see that the Sterling has been under huge pressure after failed to move above 1.6000 psychological level and now seems ready to test the lower line of the bullish channel which is located around 1.5550 area. Break below that area and violation to the bullish channel could be seen as bullish failure and potential bearish reversal testing 1.5250. Immediate resistance at 1.5735 followed by 1.5800. Break above that area should keep the bullish scenario intact.