GBPUSD Forecast:

The GBPUSD had a volatile movement yesterday. Price attempted to push lower, bottomed at 1.4873 but whipsawed to the upside and closed higher at 1.4975. While this fact may seem a little bit confusing if we look at shorter time frames, actually as you can see on my daily chart below, it was clear that price bounced back to the upside after found support at the major trendline support, which is the key support area at this phase. The main trend remains bearish but we need a clear break below the trendline support to continue the bearish scenario testing 1.4500 area. The bias is neutral in nearest term. Immediate resistance at 1.5000/50 area. Break above that area could trigger further upside correction towards 1.5200/50 region. Initial support at 1.4930 followed by 1.4873. Break below 1.4873 should continue the bearish pressure re-testing 1.4779 area.