GBPUSD Forecast:

The GBPUSD attempted to push lower on Friday, bottomed at 1.4475 but whipsawed to the upside, closed at 1.4818 and keep moving higher around 1.4870 at the time I wrote this comment. 1.4500 – 1.4475 region can be seen as nearest term bottom so far as price retreat to the upside testing the trendline resistance (former support) but as long as price stay below the trendline, the major outlook remains to the downside. Immediate resistance at 1.4900. Break above that area could trigger further bullish momentum testing 1.5000 region. Initial support at 1.4760. Break below that area could trigger further bearish momentum testing 1.4680 before re-testing 1.4500 – 1.4475 region.

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