GBPUSD Forecast:

The GBPUSD had a significant technical movement yesterday by move back below the trendline, bottomed at 1.6243 and closed at 1.6289. This fact should be seen as potential false breakout scenario which should trigger further downside pressure. However we need a consistent move below 1.6250 area to confirm the bearish scenario targeting 1.6113 and 1.6040 area. Break below 1.6040/00 area should trigger further weakness for the Sterling towards 1.5800 in longer term point of view. Immediate resistance at 1.6350. Break above that area should lead us into no trading zone in nearest term.