GBPUSD  Forecast

The GBPUSD slipped below 1.6305 on Friday but whipsawed to the upside and closed above 1.6400 after a disappointing US NFP number created a broad US Dollar weakness. The H&S bearish scenario remains intact but the current broad Greenback negative sentiment could be a threat to the bearish scenario especially if price able to move above 1.6494 – 1.6516 as it would cancel the H&S bearish scenario and keep the bullish outlook since the break above the trend line resistance intact, targeting 1.6600 and 1.6737. Immediate support at 1.6400 – 1.6370. A clear break below that area would change the intraday bias back to bearish, keep the H&S scenario remains strong retesting 1.6305 – 1.6290 support area.

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