GBPUSD Forecast:

The GBPUSD failed to continued its bullish momentum yesterday after unable to stay consistently above 1.5000 region. The bias is neutral in nearest term. We are still in bullish correction phase but as you can see on my h4 chart below we have a rising wedge formation which is a bearish pattern especially if price break below the formation, testing the major trendline support. Immediate support at 1.4800. On the upside, we need a consistent move above 1.5000 area to continue this bullish correction scenario targeting 1.5100 region before testing 1.5400 – 1.5500 area.

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