GBPUSD Forecast:

The GBPUSD had a moderate bullish momentum yesterday. The pair topped at 1.6591 but the bullish momentum was limited as the pair closed lower at 1.6544. On my h4 chart below we can see that after breakout above the trendline resistance (yellow, now become support), the pair has been trapped in range area between 38.2% – 50% Fibo retracement of 1.7042 – 1.6112. The bias is neutral in nearest term and we need a valid breakout from the range area to have clearer direction. We still have valid bullish channel (blue) so I prefer a breakout to the upside targeting 1.6665 and 1.6740. However, CCI just cross the 100 line down on h4 chart so watch out for potential downside rebound testing 1.6470 and trendline support area (yellow trendline, former resistance). Break below those area could be a threat to the current bullish outlook.