GBPUSD  Forecast

The GBPUSD had a bullish momentum yesterday on broad US Dollar weakness, closed above 1.5400 and hit 1.5445 earlier today. The bias is bullish in nearest term testing 1.5500 resistance area. I still prefer a bearish scenario at this phase but price keeps moving away from 1.5270 major support, postpone the bearish scenario. Immediate support is seen around 1.5400. A clear break back below that area could lead price to neutral zone in nearest term and only a clear break and daily close below 1.5270 could continue the bearish scenario and reactivate my bearish mode testing 1.5000 psychological level. On the upside, a clear break and daily close above 1.5500 could trigger further bullish pressure testing 1.5600 area.

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