GBPUSD Forecast:

The GBPUSD had a volatile movement yesterday, but made another indecisive market formed another Doji on daily chart. Although UK’s weak and pessimistic economy outlook should give more downside pressure to Sterling, so far further bearish scenario was rejected by technical trendline support as you can see on h4 chart below. The bias is neutral both on nearest and medium term. The fact that the trendline support hold could trigger further upside pressures in nearest term. However, although diminished by current upside pressures, as long as the pair stay below 1.6660, the bearish reversal scenario remains intact. Immediate support at 1.6430 followed by 1.6389 (yesterday’s low). Break below 1.6389 should continue the bearish scenario. Initial resistance at 1.6570 area. Break above that area could trigger further bullish momentum re-testing 1.6660 and would be a potential threat to the bearish reversal scenario. CCI in neutral area on h4 chart.