GBPUSD  Forecast

The GBPUSD had a bullish momentum on Friday, but so far still unable to move consistently above 1.6000. Like I said, potential sellers still seen around 1.6000 and need a clear break above 1.6057 to continue the bullish scenario and re-activate my bullish mode targeting 1.6180 and 1.6300 this week. On the downside, 1.5780 support area also seems to be a good place for a long position with nice risk-reward ratio while major outlook remains to the upside. Immediate support at 1.5900 followed by 1.5780. A break below 1.5780 could trigger further bearish pressure and could be a threat to the bullish outlook. This is the condition where we learn to have patient and know that technical direction is not the only factor to make trading decision, but also the risk-reward ratio and proper money management plan.

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