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GBPUSD Daily Forecast: March 08

Tuesday, March 7, 2017 19:53
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(Before It's News)

GBPUSD Forecast
The GBPUSD continued its bearish momentum yesterday bottomed at 1.2169 but closed a little bit higher at 1.2201. The bias is neutral in nearest term. Price is still in a bearish phase but we have a hammer formation as you can see on my H4 chart below suggests a potential bullish pullback. Immediate resistance is seen around 1.2250. A clear break and daily close above that area could trigger further bullish pullback testing 1.2300 – 1.2340 region. On the downside, a clear break and daily close below 1.2169 would expose 1.2080 region. Overall I remain neutral.

gbpusdh4



Source: http://fxinstructor.com/blog/gbpusd-daily-forecast-march-08-6

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