GBPUSD Forecast:

The GBPUSD continued it’s bullish momentum yesterday, topped at 1.6024 and closed at 1.6001. On h4 chart below we can see that we are now in critical phase where price challenging the major trendline resistance (red). A Valid break above the trendline should be seen as the end of my bearish view and could be the beginning of a bullish scenario. The bias is bullish in nearest term targeting 1.6113 but we need a consistent move above the trendline resistance to continue the bullish momentum. Immediate support at 1.5950 – 1.5900 area. Break below that could trigger further bearish momentum back towards 1.5760 area.