GBPUSD Forecast:

The GBPUSD had a volatile market yesterday. The pair attempted to push higher, topped at 1.6468 but further bullish momentum was rejected as the pair whipsawed to the downside and closed at 1.6324. This volatile market is reflected in the broadening formation, as you can see in my h4 chart below, where price make new highs and lows without clear direction. This is the kind of market I always avoid. We need a break from the broadening formation to get clearer direction. A breakout to the upside should trigger further bullish momentum targeting 1.6555 while a breakdown to the downside and movement below 1.6300 area should trigger further bearish momentum re-testing 1.6113 area.