GBPUSD Forecast:

The GBPUSD has been moving lower after failed to consistently move above the trendline resistance. The bias is bearish in nearest term testing 1.5000 area but overall we are still in bullish correction phase so I think I will stand aside for now and see further development. Consistent move below 1.5000 and the trendline support could trigger further bearish pressure testing 1.4900 and could be a serious threat to the upside correction scenario. Immediate resistance at 1.5200. Break above that area could trigger further bullish momentum targeting 1.5400 – 1.5500 this week.

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