GBPUSD  Forecast

The GBPUSD attempted to push higher on Friday, slipped above 1.5875 but whipsawed to the downside, closed at 1.5802 and hit 1.5733 earlier today in Asian session. The bias is bearish in nearest term testing 1.5700 – 1.5635 area. A clear break and daily close below that area could trigger further bearish continuation testing 1.5500 area. Immediate resistance is seen around 1.5800. A clear break above that area could lead price to a neutral zone in nearest term but as long as stays below 1.5875 I still prefer a bearish scenario with short on rallies strategy. Price is in oversold condition on hourly and daily chart so any upside pullback now is normal but a clear break and daily close back above 1.5875 would stop my bearish outlook testing 1.6000 region.

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