GBPUSD Forecast:

The GBPUSD was technically a mess on Friday. The pair attempted to push higher, topped at 1.6668 but further bullish momentum was rejected as the pair whipsawed to the downside, bottomed at 1.6421 and closed at 1.6473. On daily chart below we have a false breakout from the trendline resistance (red) indicating potential downside scenario testing 1.6400 area. Break below that area should trigger further bearish momentum towards 1.6250 area. Immediate resistance at 1.6550 – 1.6600 area. Another break above 1.6600 area will lead us into no trading zone as direction would become unclear.