GBPUSD Forecast:

The GBPUSD attempted to push higher yesterday, topped at 1.6274 but once again, the trendline resistance provided a good technical resistance preventing further upside pressure as price closed lower at 1.6136 after touched the trendline. On daily chart below we can see that price is now struggling around the trendline support. We know that this pair has been moving in no clear direction in last several days, trapped between 1.6270 – 1.6070 area. I prefer a bearish scenario but we need a clear break below 1.6040 area to continue further bearish momentum targeting 1.5800. On the upside, the trendline resistance and 1.6270 area should be a good resistance at this phase.