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GBPUSD Daily Forecast: October 09
Tuesday, October 9, 2012 16:13
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GBPUSD Forecast
The GBPUSD had a bearish momentum yesterday, bottomed at 1.6018. The bias remains bearish in nearest term especially if price able to make a clear break below 1.6000 testing 1.5950 – 1.5900 region. As you can see on my daily chart below, the bearish momentum occurred after price failed to break above 1.6300 key resistance area and we have a potential false trend line breakout (bearish scenario). Immediate resistance is seen around 1.6125. A clear break back above that area could lead price to neutral zone in nearest term as direction would become unclear and keep price in a sideways condition between 1.6300 – 1.6000.
2012-10-09 16:02:22
Source: http://www.fxinstructor.com/blog/gbpusd-daily-forecast-october-09-2
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