GBPUSD  Forecast

The GBPUSD attempted to push higher yesterday, topped at 1.5991 but further bullish momentum was rejected and closed lower at 1.5919. The bias is neutral in nearest term. Overall I still prefer a bullish intraday scenario at this phase with buy on dips strategy as a part of the bullish outlook since the breakout above the trend line resistance but price remains sideways so far, moving in a wide range area between 1.6000 – 1.5650 and need a clear break on either side to see clearer direction. Aggressive traders can sell around 1.6000 with a tight stop loss as a clear break and daily close above 1.6000 could continue the bullish scenario. Immediate support is seen around 1.5900. A clear break below that area could trigger further bearish pressure testing 1.5800 support area.

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