The Gbpusd attempted to push lower yesterday bottomed at 1.2375 but whipsawed to the upside and closed higher at 1.2435. The bias is neutral in nearest term but as long as stay below 1.2475 I prefer a Bearish Scenario at this phase targeting 1.2350 – 1.2300 region as a part of the bearish scenario after fell below the bullish channel as you can see on my H1 chart below. On the upside, a clear break and daily close back above 1.2475 would nullify the current short-term bearish trend testing 1.2530 area or higher. Overall I remain neutral.
This post first appeared on FX Instructor Forex Blog - For Traders, By Traders, please read the originial post: here