GBPUSD Daily Forecast: April 05

GBPUSD Forecast
The GBPUSD had another indecisive movement yesterday. The bias is neutral in nearest term. Price slipped above the neckline of the H&S formation as you can see on my H4 chart below, but it is too early to say that the H&S bearish scenario is no longer valid. Immediate support is seen around 1.4050 but key support remains at 1.4010 which need to be clearly broken to the downside to confirm the bearish scenario testing 1.3950 – 1.3900 region or lower. On the upside, a consistent movement above the neckline and 1.4100 would invalidate the H&S scenario. My major technical outlook remains bullish but need a clear break above 1.4275 to resume the major bullish trend.