GBPUSD  Forecast

The GBPUSD attempted to push higher yesterday, topped at 1.6198 but whipsawed to the downside and hit 1.5919 after SNB intervention created a broad short lived Greenback weakness. This fact keeps my overall bearish bias remains strong after the violation to the bullish channel but there were some upside pressure earlier today in Asian session testing 1.6000. Another clear break above 1.6000 could change the short term bias to bullish testing 1.6050 – 1.6110 resistance area. On the downside, immediate support is seen around 1.5910. A clear break below that area could trigger further bearish pressure testing 1.5779.

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