The GBPUSD attempted to retreat higher yesterday bottomed at 1.2641 but further down side movement was rejected and closed higher at 1.2695. The today’s market bias is bullish in the near term and Forex traders should consider buy trades. As you can notice my short term view pose no potential threat to the bullish bias with a break back above 1.2720 target not only expose 1.2700 region but would bring the major bullish fashion back in play.
After an impulse wave pattern, market broke the Tuesday’s high of the day in 15 minutes chart. Market has represented a rejection and short term low of the day is present at 1.2641. Vice versa to the down side, a break below 1.2641 barrier would nullify the bullish trend scenario and stimulate lower movement towards 1.2600 even reopen the path to 1.2590 and 1.2580. In such a market scenario, it would be best not to trade the market and re-analyze the GBPUSD 15 minutes time frame.



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