GBPUSD Forecast

The GBPUSD continued it’s bearish momentum yesterday. The rising wedge formation provided us a good bearish signal in nearest term. The bias remains bearish in nearest term testing 1.6250 area. However, please remember that above 1.6000, the medium term remains unclear so we have to be very careful. We need consistent move below 1.6380/50 area to confirm bearish scenario. Immediate resistance at 1.6468 (yesterday’s high). Break above that area should be seen as bearish scenario failure.