GBPUSD  Forecast

The GBPUSD was indecisive last week. Price attempted to push lower but found a good support around 1.5650 and closed higher at 1.5870. This fact keeps the bullish scenario since the breakout above the trend line resistance remains intact still testing 1.5900 – 1.6000 as nearest bullish target. However note that price actually has been moving sideways in the last four weeks and need a clear break and daily close at least above 1.5900 to continue the bullish scenario. Immediate support is seen around 1.5800 – 1.5770 area. A clear break below that area could lead price to neutral zone in nearest term but as long as stays above 1.5650 I still prefer a bullish intraday scenario at this phase with buy on dips strategy.

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