FX.co ★ GBP/USD Outlook for June; 16th/2010.

In the Daily Timeframes, We've spot 2 Bullish setup pattern Called "2 B pattern" (please refer to the charts). For the 2nd Bullish Pattern is already intac because 1.4544 levels is already broken and seems this pair wants to reach the target at 1.5047. But these movement has met Resistance Fibonacci 48.6% levels at 1.4853. But if this pair after the hit of those Resistance and turn around especially it can break the 1.4224 levels, seems all the Bullish setup in GBP/USD will be vanished, and this pair seems to continue the Bearish movement again who's have got by this pair before.

Anyway if this pair can easy break the Fibonacci Resistance 48.6% at 1.4853 levels, seems this pair will continue to move upwards for break the level 1.5141, if it can break and close above that level, this pair have a potential upward movement to 1.5522 for the 1st target and if it cannot break, this pair will have a tendency to enter into consolidation situation usually make a "Triangle Pattern"; BUT if the pair can easily break and closed above 1.552 level; this pair seems to find a new target at 1.5821. But please take notice for the 1st Bullish Pattern; if GBP/USD Break and close below 1.4479 levels (after it breaks the Buying level at 1.5141) this Bullish setup We can categorized failed!

Here's in general 2 B Bullish Pattern Setup: