GBP/USD Daily Forecast

Thursday, July 15, 2010

The GBPUSD continued its bullish momentum yesterday, topped at 1.5295 and closed at 1.5264. The bias remains bullish in nearest term testing 1.5400 region. However CCI about to cross the 100 line down on h4 chart so watch out for potential downside pullback testing 1.5200 - 1.5150 support area. Overall we are still in strong upside correction phase after the failure to consistently move below 1.5000 support area and only a movement back below 1.5000 could diminish the upside scenario.

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