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GBPUSD Daily Forecast: October 12

Tuesday, October 11, 2016 19:33
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GBPUSD Forecast
The GBPUSD had a bearish momentum yesterday bottomed at 1.2089 but traded higher earlier today in Asian session hit 1.2289. The bias is neutral in nearest term. My major technical outlook remains bearish, but only a clear break below 1.2000 would cancel the hammer formation bullish correction/reversal scenario. Immediate resistance is seen around 1.2340. A clear break above that area could trigger further bullish pressure testing 1.2450 area. Immediate support is seen around 1.2200 but key support remains at 1.2000.



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