GBPUSD Forecast:

We had a volatile market yesterday. The pair break above 1.6000, topped at 1.6125 but closed lower at 1.6005 and now struggling around 1.6000 area. This is not my favorite situation  and prefer to stay out for now, but the pair seems to lose some bullish momentum and vulnerable for downside pressure. I am expecting range market between 1.5950 – 1.6125. Break below 1.5950 should trigger further weakness for the Sterling while break above 1.6125 should continue the bullish scenario towards 1.6300 area.