GBPUSD  Forecast

The GBPUSD attempted to push higher last week but whipsawed to the downside and close lower at 1.5829 after found strong resistance around 1.6000. The bias is bearish in nearest term testing 1.5700 – 1.5650. However note that overall the bullish scenario since the breakout above the trend line resistance should remain intact and price is still trapped in range area between 1.6000 – 1.5650 and need a clear break on either side to see clearer direction. Immediate resistance is seen around 1.5850/75 area. A clear break back above that area could lead price to neutral zone in nearest term but would give another chance for upside pressure retesting 1.6000 key resistance area.

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