GBPUSD  Forecast

The GBPUSD made another volatile but indecisive yesterday. A look at daily chart easily shows us that we have no clear momentum and convincing bullish/bearish candle but price keeps making lower highs indicates the downside pressure remains strong, but found a strong support around 1.6000 area. The bias is neutral in nearest term. The major bullish scenario remains intact but would need a clear break above 1.6170 to continue the upside pressure targeting 1.6300 even higher. Immediate resistance at 1.6123 (yesterday’s high). Break above that area would change the intraday bias to bullish testing 1.6170. On the downside, a clear break below 1.6000 and the descending triangle would be a threat to the bullish outlook testing 1.5780.

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