GBPUSD  Forecast

The GBPUSD had a moderate bearish momentum yesterday. The major scenario remains bearish as long as price still moves inside the bearish channel, but need a clear break below the trend line support, which has proven itself as a strong support area at this phase. I only see potential good trades to short around the upper line of the bearish channel (around 1.5700) or long around the trend line support (around 1.5370 – 1.5400) with tight stop loss. Any trades between those area is not “safe” for me, as short term volatility could easily hit our stop loss as market remains consolidating without clear direction and consistent momentum and the risk-reward ratio is bad.  I still prefer a bearish scenario and expect a clear break below the trend line support, but until that happen, we have no further validation for the bearish continuation scenario. Be patient.

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