GBP/USD Daily Forecast

Tuesday, July 20, 2010

The GBPUSD continued its bearish pressure yesterday, bottomed at 1.5202 and closed at 1.5227 after failed to move above 1.5470 but the bullish scenario remains intact as long as price move inside the bullish channel. On daily chart below we can see that price seems ready to test the lower line of the bullish channel and 1.5150 key support area. Break below that area could be a serious threat to the bullish outlook testing 1.5050 - 1.5000. On the upside, we need a consistent move above 1.5350 to continue the bullish scenario.