GBPUSD Forecast

The GBPUSD failed to continue its bullish bias yesterday, fell below 1.5600. The bias is bearish in nearest term especially if price able to stay consistently below 1.5600 testing 1.5550 – 1.5500 support area. While short term bias turned bearish now, my medium bias is entering a neutral zone so I am not yet in a bearish mode. Immediate resistance is seen around 1.5650. A clear break back above that area could lead price to neutral zone in nearest term but would keep the bullish phase since bounced from 1.5270 remains strong testing 1.5700 – 1.5750 area. On the downside, key support area is seen around 1.5450. A clear break and daily close back below that area will activate my bearish mode retesting 1.5270 or lower.

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