GBPUSD Forecast
The GBPUSD attempted to push lower yesterday bottomed at 1.2790 but closed higher at 1.2926. As you can see on my daily chart below, we have a hammer formation, suggests a potential bullish correction/reversal scenario. While some may argue over whether that is a valid hammer formation, for me any indecisive movement should be seen as a potential threat to current trend (bearish). The bias is neutral in nearest term. Immediate support is seen around 1.2860. A clear break below that area could trigger further bearish pressure testing 1.2790 region. Immediate resistance is seen around 1.3015. A clear break and daily close above that area would give further confirmation of bullish correction/reversal scenario.

gbpusddaily

FX Instructor Forex Blog – For Traders, By Traders

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.