GBPUSD Forecast:

The GBPUSD attempted to push higher yesterday, topped at 1.5135 but whipsawed to the downside, bottomed at 1.5004 and closed at 1.5030. On h4 chart below we can see that price failed to break above the upper line of the bearish channel indicating that the bearish scenario remains intact. Technically this fact could be seen as potential end to the bullish correction scenario especially if price able to move consistently below 1.5000 – 1.4950 area targeting 1.4779 even 1.4500 area in longer term. The bias is bearish in nearest term. Immediate resistance at 1.5080 area. Break above that area should keep the bullish correction scenario intact but will be a no trading zone for me as direction would become unclear. Eyes on US NFP today. The Dollar rallied yesterday after worse than expected US pending home sales indicating that risk aversion has taken the center stage. If this is true, a bad result of NFP today could trigger further weakness for the Sterling while a good result could give some support.