GBPUSD  Forecast

The GBPUSD had a bullish momentum yesterday. A quick look at the daily chart reveals that price has been moving in a sideways condition between 1.6305 – 1.6100 since May 13 without clear direction and consistent momentum. As long as price stays below the trend line resistance (white) the bearish outlook since the fall from 1.6737 should remain intact, but price slipped above my falling wedge formation suggests a warning of an upside pullback testing 1.6305 and the trend line resistance.  Immediate support at 1.6185. A clear break below that area could trigger further bearish pressure retesting 1.6100 region. We need a clear break below 1.6100 to continue the bearish scenario, still testing 1.5970 – 1.6000 key support area.

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