GBPUSD  Forecast

The GBPUSD made another indecisive movement yesterday but had a bullish run earlier today in Asian session on broad US Dollar weakness and hit 1.6391. The bias is bullish in nearest term testing 1.6400 resistance, which is the upper line of the current range area. A clear break above that area would trigger further bullish momentum testing 1.6450 – 1.6500 in nearest term and a weekly close above 1.6400 would lead us to a bullish continuation outlook testing 1.6800 – 1.7000 in longer term. Immediate support at 1.6340/30. A clear break below that area would lead us to neutral zone in nearest term testing 1.6250 support area and keep us in sideways condition. Broad US Dollar weakness should support the Cable and I prefer a bullish scenario at this phase.

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