GBPUSD Forecast:

The GBPUSD had a significant bearish momentum yesterday. On my h1 chart below we can see that after breakdown from the broadening formation and below 1.6300, the pair had a significant bearish momentum, fell below 1.6113 area, bottomed at 1.6021 and closed at 1.6056. The Sterling is in heavy pressure right now and any movement below 1.6000 psychological level could hurt the Sterling really bad and might cancel the bullish scenario targeting 1.5900 and 1.5800 area. However, a rejection to move below 1.6000 could trigger an upside rebound testing 1.6113 resistance area but I think now is not the best time to place a long position.