GBPUSD  Forecast

The GBPUSD failed to continue its bullish intraday momentum yesterday, bottomed at 1.5572. There were further downside pressures earlier today in Asian session but 1.5540 support area still hold so far. While my h4 chart outlook remains sideways between 1.5750 – 1.5330, as long as price stays above 1.5490 my overall intraday bias remains to the upside. A clear break below 1.5540 could trigger further bearish pressure testing 1.5490 which could be a threat to the bullish intraday outlook since the false breakdown below 1.5330 last week. Immediate resistance is seen around 1.5625. A clear break above that area could trigger further upside pressure testing 1.5680 – 1.5700 but we need a clear break and daily close above 1.5750 to continue the bullish scenario.

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