GBPUSD Daily Forecast: May 14

The GBPUSD attempted to push higher last week, topped at 1.6197 but whipsawed to the downside, closed lower at 1.6065 and hit 1.6052 earlier today. The bias remains bearish in nearest term as a part of the bearish correction scenario since fell from 1.6300 testing 1.6050 – 1.6000 support area. However note that the major bullish scenario should remain intact and only a clear break and daily close below 1.6000 and the trend line support (blue) could create further bearish scenario. 1.6000 – 1.6050 remains a good place to buy with tight stop loss below 1.6000. Immediate resistance is seen around 1.6100. A clear break above that area could lead price to neutral zone in nearest term and I think we need a clear break at least back above 1.6200 to potentially end the current bearish correction phase.

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