GBPUSD Forecast: Bearish Continues
The GBPUSD continued it’s bearish momentum yesterday. On h4 chart below we can see after rejected to move consistently above 1.6113 area, the pair continue to move lower and now traded below 1.6000 area indicating potential weakness for the Sterling. The minor trendline support (orange) has been violated to the downside suggesting a bearish view. The bias is bearish in nearest term testing 1.5850 and 1.5770 area. Initial resistance at 1.6000 area. Break above that area should lead us into no trading zone as my technical view would be a mess. Eyes on US NFP today. A worse than expected number could trigger negative sentiment to the global economy recovery and might bring risk aversion back into the market and give some support to the Greenback and could wane the optimism view in the market.