GBPUSD Forecast

The GBPUSD attempted to push lower yesterday, bottomed at 1.6380 but further bearish pressure was rejected as the pair whipsawed to the upside, hit the top at 1.6522 and closed at 1.6490. On h4 chart below we can see that it was a case of a false breakout from the rising wedge formation. The bias is neutral both in nearest and medium term. Immediate resistance at 1.6590. Initial support at 1.6380. Break below that area should trigger further bearish momentum.