GBPUSD Forecast:

The GBPUSD had a volatile market but indecisive on Friday. Price attempted to push lower, bottomed at 1.6269 but further bearish momentum was rejected as price whipsawed strongly to the upside, hit the top at 1.6510 and close at 1.6494. On h4 chart below we can see that after break below trendline support (blue, now resistance), price retreat to the upside testing the trendline, which is often happen technically. Although the quick and strong bullish rebound from 1.6269 on Friday is surely a serious threat to the bearish scenario, note that my trendline resistance (red) still valid indicating that bearish scenario in longer term remains intact. The bias is bullish in nearest term testing 1.6600 – 1.6670 area. Violation the the trendline resistance (red) should be seen as bearish failure and potential bullish outlook in longer term. Initial support at 1.6430/00 area. Break below that area should continue bearish pressure re-testing 1.6269 area.