GBPUSD Forecast:

The GBPUSD attempted to push lower yesterday, slipped below the minor trendline support but but failed to break below 1.4640 support area and whipsawed to the upside, topped at 1.4836 and closed at 1.4823. This fact should keep the bullish correction scenario intact and remains strong testing 1.4875 before targeting 1.5000 especially if price able to move consistently above the trendline resistance (red). Downside risk indicated by CCI divergence but as long as price move above the minor trendline support the bullish correction should remains strong. As a result from yesterday’s price action, I added a new minor trendline support a little bit below the old one. Break below those trendline support could diminish the bullish momentum, lead us into no trading zone in nearest term testing 1.4600 – 1.4550 area but overall we are still in bullish correction phase.

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