GBPUSD Forecast:

The GBPUSD also attempted to push lower yesterday, bottomed at 1.4251 but closed higher at 1.4473, also in a high volatile market. Like the EURUSD, we have a hammer candle stick pattern on daily chart indicating potential bullish reversal/correction. Unless price make a consistent move below 1.4400 area today, this bullish correction/reversal warning is real especially if price able to break above 1.4550 region testing at least 1.4600/30 area. However note that as long as price stays below the major trendline support the main scenario should remain bearish. Below 1.4400, further bearish pressure towards 1.4360 even 1.4251 is potential.

Related Posts:

  • EURUSD Daily Forecast: May 18
  • GBPUSD Daily Forecast: December 10
  • GBPUSD Daily Forecast: February 04
  • Daily Forecast for Crosses: May 18
  • USDJPY Daily Forecast: September 10
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