GBPUSD Forecast:

We had a quite volatile market yesterday. After hit the top at 1.5882, the GBPUSD attempted to push lower, bottomed at 1.5727 but bearish pressure was limited as the pair closed higher at 1.5795. On h4 chart below we can see that this was a case of a false breakdown from my 1.5760 key support area. Today, beside that support area, I will be watching any reactions around 1.5882 (yesterday’s high) and trendline resistance (blue) area. Consistent move below 1.5760 or a rejection to move above 1.5880 and the trendline resistance area might give us a good short trade opportunity. Long position is not recommended at this phase.