GBPUSD Daily Forecast: October 29 - Forex Forum

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29th October 2009, 08:35

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GBPUSD Daily Forecast: October 29

GBPUSD Daily Forecast: October 29

GBPUSD Forecast:
The GBPUSD made had another volatile but indecisive movement yesterday. On daily chart below we can see that the pair attempted to stay above the bearish channel, topped at 1.6466 but once again failed to close convincingly above the bearish channel indicating that bullish pressure is not strong enough to push higher and might be exhausted and potentially trigger bearish momentum. I still prefer a bearish scenario at this phase with 1.6113 as the bearish target. Immediate resistance at 1.6430/60 area.

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