GBP/USD Daily Forecast

Thursday, July 22, 2010

The GBPUSD had a significant bearish momentum yesterday, bottomed at 1.5123 but fail to stay consistently above 1.5150 so far. The lower line of the bullish channel did a good job preventing further bearish attack which keep the bullish outlook intact but clearly the upside scenario is under serious attack now. Violation to the bullish channel could be seen as bullish failure testing 1.5050 - 1.5000 support area. Immediate resistance at 1.5215 region. Consistent move above that area could trigger further upside pressure testing 1.5350 .