Outlook in GBPUSD remains neutral with risk to the downside , resistance comes at the 1.5678 levels, a failure to hold above the 1.5678 levels on a daily closing basis could mean a return to the 1.5540 levels where a cut will call for a fall towards the 1.5500 levels , further losses will aim the 1.5400/1.5300 levels .
On the upside , resistance comes at the 1.5678 levels , break of the 1.5678 levels on a daily closing basis , will put the pair in recovery mode , but recovery above the 1.5678 levels should be limited by the 1.5775/1.5825 levels where fall resumption is likely , however ; sustained trading – daily closing – above the 1.5825 levels will bring strong recovery towards the 1.5945/1.6000 levels before the next move !!!
In all , as long as resistance 1.5678 holds on a daily closing basis , outlook in GBPUSD remains on the downside towards the 1.5540/1.5500 levels ahead of the 1.5400/1.5300 levels , above 1.5678 faces a recovery risk towards the 1.5775/1.5825 levels before the next fall.
Intraday forecast : As long as 1.5630 support holds on a 4 hour closing basis , further upside couldn’t be ruled out towards the 1.5725/1.5775 levels, below 1.5630 will reverse risk towards the 1.5440 levels.
In the medium term forecast , as long as resistance 1.5789/1.5941 holds on a weekly closing basis , outlook in GBPUSD remains on the downside towards the 1.5335 levels where a cut will open 1.5000/1.4813 levels , above 1.5941 will reverse risk towards 1.6237/1.6524 levels.