GBPUSD  Forecast

The GBPUSD had a significant bearish momentum yesterday, bottomed at 1.6313 after made a false breakout above 1.6516. From another technical perspective, we have a head and shoulders bearish formation as you can see on my h4 chart below. The bias is bearish in nearest term especially if price able to make a clear break below 1.6305 testing 1.6250 – 1.6170 support area. Immediate resistance at 1.6400. A clear break above that area would lead us to neutral zone in nearest term testing the right shoulder of the H&S formation at 1.6494. My h4 chart outlook has change to neutral now and need a clear break at least above 1.6494 to keep the bullish scenario since the violation to the trend line resistance intact testing 1.6600 and 1.6737.

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