GBPUSD Daily Forecast

The GBPUSD failed to continue the bullish momentum yesterday, bottomed at 1.6382 and closed at 1.6449. On h4 chart below we have a rising wedge formation indicating potential bearish scenario especially if violated to the downside. However I prefer to stay away from the market. Immediate support is seen at 1.6382 (yesterday’s low). Break below that area should trigger further downside pressure back towards 1.6200 area. Initial resistance at 1.6480 followed by 1.6550. CCI in neutral area on h4 chart.