GBPUSD Forecast
The GBPUSD continued its bearish correction yesterday bottomed at 1.5707. The bias is bearish in nearest term. As you can see on my hourly chart below, price is struggling around the EMA 200 support area. While the EMA 200 region provides a key support and a good place to buy with a tight stop loss, a clear break below the EMA 200 and 1.5700 would interrupt the major bullish outlook and turn my intraday outlook into a bearish bias testing 1.5600 – 1.5500 region. Immediate resistance is seen around 1.5760. A clear break above that area could lead price to neutral zone in nearest term testing 1.5800/30 area.
