Technical forecast for GBP/USD

GBPUSD could not sustain a break above 1.6140 & saw a drift lower towards 1.6070 which was expected to hold & we bottomed almost exactly here at 1.6077. Today’s outlook is more negative & could retest 1.6077. A break lower would not be a surprise & targets 1.6035, possibly 1.6000 for a buying opportunity.

Above 1.6100 could allow a retest of 1.6125 & possibly yesterday’s high at 1.6149. This should hold the move but above here use 1.6190/6200 for 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.