GBPUSD Forecast

The GBPUSD was volatile but indecisive on Friday. Price attempted to push lower, bottomed at 1.5731 but whipsawed to the upside, closed at 1.5809 and hit 1.5837 earlier today. The bias is neutral in nearest term but as long as stays below 1.6000 I still prefer a bearish scenario at this phase with sell on rallies strategy as a part of the bearish scenario after broke below the trend line support. Immediate resistance is seen around 1.5885. A clear break and daily close above that area could trigger further bullish pressure testing 1.6000 key resistance. Immediate support is seen around 1.5780. A clear break below that area could trigger further bearish pressure retesting 1.5731 before testing 1.5650 support area.


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