GBPUSD Forecast:

The GBPUSD had a significant bearish momentum yesterday, bottomed at 1.6078 and closed at 1.6162. The bias is more to the downside now. We seem to have a good historical support around 1.6100 – 1.6040 area. On daily chart below we have CCI divergence indicating potential upside minor correction and potential profit taking activity on Friday testing 1.6250 resistance area. Consistent move below 1.6100 – 1.6040 area should trigger further bearish pressure testing psychological level 1.6000 before technically targeting 1.5800 in longer term point of view.

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