GBP/USD Daily Forecast: September 11, 2009

GBPUSD Forecast:
The GBPUSD continued it’s bullish momentum yesterday. On h4 chart below we can see that the pair made a breakout from the range area (38.2% – 50% Fibo retracement of 1.7042 – 1.6112), hit the top at 1.6686, which is exactly the 61.8% Fibo, and price still convincingly move inside the bullish channel. The bias remains bullish in nearest term but 61.8% Fibo is considered as good resistance so I will not surprise if we would have some downside corrections, testing 1.6575 area (50% Fibo). Break above 1.6686 area should trigger further bullish momentum targeting 1.6814 area (August 07 high).