GBPUSD Daily Forecast: March 19

GBPUSD Forecast
The GBPUSD had a bullish momentum last week topped at 1.3995. The break above the bearish channel suggests a bullish outlook but the appearance of the triple top formation at 1.3995 following the lack of bullish momentum is a serious threat to the bullish scenario. The bias is neutral in nearest term. Immediate support is seen around 1.3875. A clear break below that area could trigger further bearish pressure testing 1.3750 or lower as we may have a false breakout bearish scenario but as long as stay above the major trend line support my major bullish outlook remains valid. On the upside, we need a clear break above 1.3995 to invalidate the triple top scenario testing 1.4070 – 1.4100 region or higher.