The GBPUSD was indecisive last week, formed a Doji on weekly chart. The bias is neutral both in nearest and medium term. Price is still trapped in the range area as you can see on my h4 chart below and need a clear break from the range area to see clearer direction. As long as stays below 1.5780 I still prefer a bearish scenario at this phase. Immediate support is seen around 1.5625. A clear break below that area could trigger further bearish pressure testing 1.5550 – 1.5500 region.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.