GBPUSD Forecast:

The GBPUSD continued its bearish momentum yesterday, bottomed at 1.6027 and closed at 1.6044 but has not convincingly stay below 1.6040/50 so far. The bias remains to the downside but I think price need to move consistently below 1.6040 – 1.6000 area to continue the bearish scenario towards 1.5800 area. We are at critical phase. Immediate resistance at 1.6100 area. Break above that area should lead us into no trading zone but long position is not recommended at this phase.

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