GBPUSD Daily Outlook

The GBPUSD also had bearish momentum on Friday. On h4 chart below we can see that the bearish momentum came after price failed to break above 1.6660 area. The bias is bearish in nearest term testing 1.6240 area but remains neutral in medium term and I think it’s not the best time to trade now. Immediate resistance is seen at 1.6475 – 1.6510 area. Initial support at 1.6320. Break below that area should trigger further weakness for Sterling towards 1.6240 area. CCI just cross the 100 line down on daily chart suggesting potential downside pressure.

GBPUSD Daily Supports and Resistances:

S1= 1.6307

S2= 1.6187

S3= 1.6042

R1= 1.6572

R2= 1.6717

R3= 1.6837