GBPUSD  Forecast

The GBPUSD continue its bearish momentum yesterday, bottomed at 1.5326 but corrected higher earlier today in Asian session hit 1.5434. The bias is neutral in nearest term but still within a context of a major bearish outlook especially if price able to make a clear breakdown below 1.5344 testing 1.5250. The trend line support (red) you see on my daily chart below is the lower line of the triangle formation seen on weekly chart, which is the longer term bearish target, located around 1.5000. Immediate resistance is seen around 1.5450. A clear break back above that area could trigger further upside pullback testing 1.5515/50 but overall I still prefer a bearish scenario at this phase and any upside pullback now is normal and should be seen just as a corrective movement.

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