GBP/USD Daily Forecast

Friday, August 13, 2010

The GBPUSD had a moderate bearish momentum yesterday. On h1 chart we have a falling wedge formation indicating potential upside scenario especially if price break above the formation testing 1.5735. But the real bullish mode will be reactivated only of price able to move above the trendline resistance (yellow) which also the 50% Fibo retracement of 1.5992 - 1.5564 around 1.5775, retesting 1.6000 region. Immediate support at 1.5550. Break below that area could be a serious threat to the current bullish outlook.