GBPUSD  Forecast

The GBPUSD attempted to push lower yesterday, bottomed at 1.5837 but closed higher at 1.5899 and hit 1.5942 earlier today in Asian session in a high volatile market. I eliminated 1.5885 support area because for me it is no longer a valid support level. Intra-day traders should not rush jumping into the market on short term time frame technical bias as price still consolidating without clear direction and consistent movement. Do not get trapped with bad position in the current trendless short term bias. On h4 chart below we can see that overall price still trapped in range area of 1.6000 – 1.5780, giving us the information that there were sellers around 1.6000 and buyers around 1.5780. There is no winner so far, so aggressive intra-day traders can short around 1.6000 or long around 1.5780 with tight stop loss. I still prefer a bullish scenario at this phase and expect a clear break above 1.6057 to re-activate my bullish mode targeting 1.6180 and 1.6300 but I will react to whatever happen in the market regardless of which direction I am expecting.

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