GBPUSD Forecast:

The GBPUSD made indecisive movement yesterday, formed A Doji on daily chart. A look at the daily chart below we can see that after had significant bullish momentum since March and topped at 1.7042 in August, the pair is now in significant downside correction (consolidation) phase testing 1.6113 – 1.6000 support area. From this point of view, unless the pair drop below 1.6000 area, it’s to early for a bearish reversal scenario. The bias is neutral in nearest term and I think we are in no trading zone now. Immediate resistance at 1.6263 (yesterday’s high). Break above that area could trigger further upside pressure testing 1.6350 area.