GBP/USD Daily Technical Forecast (Aug-10-2010)

The GBPUSD had a bearish momentum yesterday after unable to move consistently above 1.5966, bottomed at 1.5892 and keep moving lower around 1.5820 at the time I wrote this comment. The bias is bearish in nearest term especially if price able to move consistently below 1.5815 area targeting 1.5735. We are entering the tricky phase here as we have conflicting bias between short term (bearish) and medium  term (bullish). Fundamental focus will be on FOMC statement.