GBPUSD  Forecast

The GBPUSD failed to continue its bearish momentum yesterday after unable to make a break below 1.6305 support area. Although remains intact, the H&S bearish scenario has been under some upside pressures. Overall price has been moving in a sideways condition since last week without clear momentum and direction. I think I will stand aside for now. Immediate resistance at 1.6494 – 1.6516. A clear break above that area would cancel the H&S bearish scenario and activate my bullish mode testing 1.6600 – 1.6737. On the downside, we still need a clear break below 1.6305 to continue the H&S bearish scenario targeting 1.6200 – 1.6170.

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