The GBPUSD had a bullish momentum yesterday, topped at 1.5676 and hit 1.5684 earlier today. The bias is bullish in nearest term but note that from a medium term perspective direction remains unclear and price is still trapped inside the range area as you can see on my h4 chart below. As long as stays below 1.5780 I still prefer a bearish scenario. Immediate support is seen around 1.5620. A clear break back below that area could lead price to neutral zone in nearest term testing 1.5550 support area.
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Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009