GBPUSD  Forecast

The GBPUSD was volatile but indecisive yesterday. Price attempted to push lower, slipped below 1.5650 but whipsawed to the upside, hit 1.5772 and closed at 1.5700. The bias is neutral in nearest term. As long as stays above 1.5650 price is still in a bullish phase since the strong bullish momentum after a false breakdown below 1.5330, but the double top formation bearish scenario also remains valid as we still have lower highs since the fall from 1.5850, and only a clear break above 1.5850 would cancel the double top bearish scenario testing 1.5915 even 1.6000 key/major resistance. Immediate support is seen around 1.5700. A clear break below that area could trigger further bearish pressure testing 1.5650. A clear break and daily close below 1.5650 would give further confirmation for the double top bearish scenario testing 1.5500 even 1.5330 area.

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