GBPUSD Forecast:

The GBPUSD failed to continue it’s bearish scenario yesterday. On h4 chart below we can see that after failed to stay consistently below 1.5760, price whipsawed to the upside and slipped above the minor trendline resistance (blue), a serious threat to my bearish outlook. Although it’s too early for a bullish reversal scenario, the bias is bullish in nearest term testing 1.6000/50 area. Break above that area and violation to the major trendline resistance (red) could trigger further bullish momentum. While broad Dollar weakness continues, violation of the major trendline resistance could be a potential starting point for a bullish reversal scenario. Immediate support at 1.5880/50 area. Break below that area should keep the bearish scenario intact re-testing 1.5707.