GBPUSD  Forecast

The GBPUSD attempted to push lower yesterday, but whipsawed to the upside and hit 1.5972 after found a good support at 1.5800. The bias is bullish in nearest term testing 1.6000 but note that we still need a clear break and daily close above 1.6000 to continue the bullish scenario after broke above the trend line resistance. Immediate support is seen around 1.5900. A clear break back below that area could lead price to neutral zone in nearest term testing 1.5850 – 1.5800 and keep price inside the range area a little bit longer. On the upside, a clear break and daily close above 1.6000 could trigger further bullish scenario testing November 2011 high at 1.6129.

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