GBP/USD Daily Forecast

Monday, July 19, 2010

The GBPUSD failed to continued its bullish momentum on Friday, bottomed at 1.5278 and closed at 1.5298. The bias is neutral in nearest term but overall we are still in bullish phase. On h1 chart below we can see that price found a good support at 38.2% Fibo retracement of 1.4964 - 1.5470 around 1.5280 area. Break below that area could trigger further bearish pressure testing 1.5150 region and could be a serious threat to the bullish outlook. Immediate resistance at 1.5340. Consistent move above that area could trigger further upside momentum re-testing 1.5470 and keep the bullish scenario remains strong.