GBPUSD Daily Forecast: September 08

By @ibtimes on

GBPUSD Forecast:

The GBPUSD failed to continue it’s bullish scenario yesterday. On h4 chart below we can see that the pair failed to consistently break above the trendline resistance (yellow) which is  technically a false breakout. The pair is now retreat to the downside and struggling around trendline support (blue) area. Usually, a false breakout lead to significant downside momentum so I think the GBPUSD is very vulnerable for further bearish pressure, especially if we have consistent movement below the trendline support. Immediate support at  1.4250/35 area. Break below that area should trigger further bearish momentum and diminish the bullish outlook.

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