GBPUSD  Forecast

The GBPUSD had a bullish momentum yesterday and now struggling around 1.5715 resistance area after unable to make a clear break below the 23.6% Fibonacci retracement of 1.6165 – 1.5422 as you can see on my hourly chart below. I still prefer a bearish scenario at this phase but the bias is bullish in nearest term especially if price able to make a clear break above 1.5715/22 testing 1.5778 – 1.5800. A clear break above 1.5800 could be an early signal for a bullish reversal scenario testing 1.5950 – 1.6000. Immediate support is seen around 1.5670 area. A clear break below that area could lead price to neutral zone in nearest term but still need a clear break and daily close below 1.5600 to keep the major bearish scenario strong testing 1.5520 – 1.5422.

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