GBPUSD Forecast:

The GBPUSD attempted to push higher yesterday, slipped above 1.6040, topped at 1.6067 but whipsawed to the downside, bottomed at 1.5876 and closed at 1.5886. This fact should keep the bearish scenario targeting 1.5800 area intact, but note that we have a strong support around 1.5830/50 area. We need a consistent move below 1.5850 – 1.5800 area to continue further bearish momentum towards 1.5707 even 1.5500 region in longer term. Immediate resistance at 1.5950. Break above that area could trigger further upside momentum and might lead us into a choppy market between 1.6040/70 – 1.5830/50 area.