GBPUSD Forecast:

The GBPUSD attempted to push lower yesterday, bottomed at 1.4231 but closed higher at 1.4352. On h4 chart below we can see that once again, the minor trendline resistance did a good job preventing further upside recovery. Will this trendline able to do it again today? It’s hard to tell but the Euro recovery also lead Sterling higher against the Dollar. The main scenario remains bearish but we need a consistent move below 1.4240 area to continue the bearish scenario at least testing 1.4000 psychological level. If the minor trendline resistance is violated to the upside, we may see further technical upside recovery testing 1.4600 region.

Related Posts:

  • GBPUSD Daily Forecast: May 20
  • GBPUSD Daily Forecast: February 23
  • GBPUSD Daily Forecast: January 29
  • Daily Forecast for Crosses: April 09
  • EURUSD Daily Forecast: May 07
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