The GBPUSD was indecisive yesterday. There are no changes in my technical outlook. The bias remains bearish in nearest term but note that the major bullish scenario should remain intact and I still prefer to buy around 1.6000 1.6050 with tight stop loss below 1.6000. Immediate resistance is seen around 1.6122 (yesterdays high). A clear break and daily close above that area could lead price to neutral zone in nearest term. Price is still in a bearish correction phase since fell from 1.6300 and need a clear break and daily close at least back above 1.6200 to end the current bearish correction phase.
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Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009