GBPUSD  Forecast

The GBPUSD attempted to push lower yesterday, bottomed at 1.5771 but closed a little bit higher at 1.5821. The bias remains neutral in nearest term. Overall price is still trapped in a wide range area of 1.6000 – 1.5650 and need a clear break from the range area to see clearer direction. Immediate support is seen around 1.5771 (yesterday’s low). A clear break below that area could trigger further bearish pressure testing 1.5700 area. Immediate resistance is seen around 1.5850. A clear break above that area could trigger further bullish pressure testing 1.5900/13 resistance area and reopen the door for another bullish scenario retesting 1.6000 key resistance. We haven’t seen good trending movement this week so don’t rush jumping into the market.

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