GBPUSD Forecast:

The GBPUSD made another indecisive movement yesterday. On h4 chart below we can see that price slipped above 1.6000, topped at 1.6022 but further bullish momentum was rejected as the price whipsawed to the downside, found support around 1.5905 area and closed at 1.5932, traded below the trendline resistance (orange). I still prefer a bearish scenario but we need a valid break below 1.5905 before re-testing 1.5805. Immediate resistance at 1.6022 (yesterday’s high). Break above that area should trigger further bullish momentum re-testing 1.6113 but I am not comfortable to place a long trade at this phase.