GBPUSD Daily Forecast: May 24

By @ibtimes on

GBPUSD Forecast:

As you can see on my h4 chart below, the GBPUSD is now struggling around the minor trendline resistance area indicating transition phase in medium term outlook. The bullish correction scenario remains intact but we need a consistent move above the minor trendline resistance to continue further upside momentum testing 1.4600/30 region. Immediate support at 1.4390 area. Consistent move below that area could trigger further bearish pressure testing 1.4240 area and we need consistent move below that area to continue the bearish scenario as bullish correction might be over at this phase.

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