GBPUSD Forecast:

The GBPUSD was also volatile but indecisive yesterday. The bias remains neutral in nearest term but still within a strong technical bullish context. Immediate support at 1.5815 area. Break below that area could trigger further bearish momentum testing 1.5735. On the upside we still need a clear break above 1.5966 to continue the bullish scenario testing 1.6000/50 before targeting 1.6150.  We will have US NFP data today. The number is expected to be a good one, forecast around -63K which is about 62K better than the previous (-125K). If the actual number is better than forecast, the pair could continue its bearish correction. On the other hand, if the actual number is worse than expected, price may resume its bullish scenario. But whatever the result, usually market will be very volatile during this data release.

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