GBPUSD Daily Forecast: August 31

GBPUSD Forecast

The GBPUSD attempted to push higher yesterday, topped at 1.5873 but whipsawed to the downside and closed lower at 1.5785. The bias is neutral in nearest term. As long as able to move above 1.5780 the breakout bullish scenario should remain intact still testing 1.5900 region as nearest target, but note that price has been moving sideways since Monday. Although we haven’t seen convincing bullish momentum this week, overall price is still making higher lows. Key support is seen around daily EMA 200 which located around 1.5750 region. A clear break and daily/weekly close below that area will interrupt the bullish outlook and turn my short term bias to a bearish view.

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