GBPUSD  Forecast

The GBPUSD had a significant bullish momentum yesterday, broke above 1.5550 and hit 1.5699. This fact suggests a bearish intraday failure and turns my short term bias to a bullish view testing 1.5778 – 1.5800 and the trend line resistance (white) which located around 1.5900. My medium outlook is neutral but as long as stays below the trend line resistance, the long term bearish outlook remains intact since fell from 1.6616 on August. A clear break above the trend line resistance and 1.5900 – 1.6000 resistance area would turn my overall/major technical outlook into a bullish mode. Immediate support is seen around 1.5650/20 area. A clear break below that area could lead price to neutral zone in nearest term but only a clear movement back below 1.5550 would keep the major bearish scenario remains strong.

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