GBPUSD Forecast:

The GBPUSD continued it’s bearish momentum on Friday, bottomed at 1.6650 and closed at 1.6682. After BoE statement that recession have been deeper that previously thought in UK, I see no reasons why investors  should hold the Sterling.

On h1 chart below we can see that the trendline support  as a result of bullish momentum since July 07 has been violated to the downside indicating bearish view. The bias is bearish in nearest term targeting 1.6587. However CCI in oversold area and about to cross the -100 line up on h1 chart so watch out for potential upside correction testing 1.6750 resistance area.

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