GBPUSD  Forecast

The GBPUSD had a strong bullish momentum yesterday, triggered by a better than expected UK Servioes PMI number and broke above 1.6300 resistance area. The bias is bullish in nearest term targeting 1.6400. However note that actually from a daily chart outlook like I said yesterday, price still moves in a sideways condition. We need a clear break above 1.6400 to continue the bullish scenario testing 1.6500 – 1.6700 area. Immediate support at 1.6275. A clear break below that area would lead us to neutral zone in nearest term testing 1.6170/50 support area and keep us in a sideways outlook, still looking for a new direction.

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