Technical forecast for GBP/USD

GBPUSD broke 1.6077 but bounced from 1.6055. There is no direction this week so we watch for support at 1.6095/90 then 1.6055/45. Below 1.6030 keeps the market under pressure for a buying opportunity at 1.6000.

Above 1.6100 could allow a retest of this week’s high at 1.6144/49. This should hold the move but above here use 1.6190/6200for the next selling opportunity. However a break higher could retest October highs at 1.6260.

Weekly outlook: Trying to hold a break above 1.6120 to target 1.6200 & possibly October highs at 1.6260. Support at 1.5920/00 but below here is more negative & can target good support at 1.5710.