GBPUSD  Forecast

The GBPUSD had a bullish momentum yesterday, topped at 1.5654 and closed at 1.5594. The bias is bullish in nearest term but I think this is a normal correction and as long as stays below 1.5700 (38.2% Fibo retracement of 1.6165 – 1.5422, see my h4 chart below) my overall technical bias remains to the downside. A clear break and daily close above 1.5700 would turn my overall technical bias to a neutral zone but probably turn my intraday bias to a bullish mode testing 1.5875/80 (61.8% Fibo retracement). Immediate support is seen around 1.5570 (former resistance). A clear break below that area could trigger further bearish pressure testing 1.5500 – 1.5422 and keep the bearish scenario remains strong.

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