GBP/USD Daily Forecast

Wednesday, July 14, 2010

The GBPUSD had a significant bullish momentum yesterday after good UK CPI and bad US trade balance data, topped at 1.5191 and keep moving higher around 1.5210 at the time I wrote this comment. The bias is bullish in nearest term especially if price able to move consistently above 1.5238 targeting 1.5400 - 1.5500 region. Immediate support at 1.5100 - 1.5080. Break below that area would lead us into neutral zone as direction is unclear testing 1.5000 - 1.4950 support area.

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