GBPUSD  Forecast

The GBPUSD was volatile but indecisive yesterday. The bias is neutral in nearest term. We are still in a bearish correction phase but 1.5950 – 1.6000 support area still did a god job preventing further bearish pressure and keep the major bullish scenario intact. Immediate resistance at 1.6070. Clear break above that area could change the intraday technical bias to bullish and trigger further bullish pressure testing 1.6140. A clear break above 1.6140 would open the door for further upside pressure re-testing 1.6300. On the downside, a clear break below 1.5950 could trigger further bearish pressure testing 1.5780 which could be a threat to the bullish scenario.

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