GBP/USD Daily Forecast

Wednesday, August 4, 2010

The GBPUSD also had a moderate bullish momentum yesterday, topped at 1.5966 and closed at 1.5950. The bias remains bullish in nearest term especially if price break above 1.5966 targeting 1.6000/50 before testing 1.6150. We are going to have the NFP on Friday and usually market could become a little bit more unpredictable especially in nearest term. Immediate support at 1.5850/15 region. Note that price has been moving in strong bullish momentum without significant correction since July 22 so any downside pullback should not be a surprise.