GBPUSD Forecast:

The GBPUSD made indecisive movement yesterday. On h4 chart below we can see that price is moving in a triangle area indicating consolidation. The bias is neutral in nearest term but the fact that price so far still able to move below 1.6040/60 area should keep the bearish scenario intact with bearish target remains around 1.5832 area. Break above 1.6060 should be seen as a serious threat to the bearish outlook testing 1.6150 and 1.6250 area.

On fundamental side, beside interest rate decision (which is likely to stay at 0.5%), BoE will release its policy on quantitative easing program which is expected to stay at 200b pounds. While technical view remains bearish on this pair, Sterling may get some support as long as BoE keep the QE program as expected.