GBPUSD Daily Forecast

The GBPUSD had a bullish momentum yesterday. Fibonacci retracement study (of 1.6743 – 1.3500) on daily chart below show that since moving lower after hit 1.6743 on June 30, the pair seems to have good support level at 23.6% area around 1.5980. The bias is neutral in nearest term and we seems to have good resistance around 1.6370 area. Only clear break above that area should trigger further bullish momentum towards 1.6500. Immediate support is seen at 1.6280 followed by 1.6220. Break below that area should trigger further bearish momentum. CCI just cross the 100 line down on h1 chart suggesting potential downside pullback.