GBPUSD  Forecast

The GBPUSD had a moderate bullish momentum yesterday, topped at 1.6014 and closed at 1.5999. However, as you can see on my h4 chart below, actually this pair is still consolidating, indicated by rectangle formation. So basically, the movement is still indecisive and as long as price stay below 1.6050, I still prefer a bearish scenario. Break above 1.6050 should trigger further bullish momentum testing the upper line of the bearish channel and could be a serious threat to the bearish outlook.  Immediate support at 1.5920.  Break below that area should trigger further bearish momentum testing 1.5850 – 1.5800 area.

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