GBPUSD Daily Forecast: March 30

GBPUSD Forecast
The GBPUSD continued its bearish momentum yesterday broke below 1.4075 support area, bottomed at 1.4010. The bias is bearish in nearest term testing 1.3950 region. Immediate resistance is seen around 1.4075. A clear break back above that area could lead price to neutral zone in nearest term as direction would become unclear. From a longer term technical perspective as you can see on my daily chart below, the failure to break above 1.4275 this week could create a double top formation with neckline seen at 1.3710 region. It is still a long way to go to confirm the double top scenario, as we would need a break below 1.3710, but we need a clear break above 1.4275 to resume the major bullish trend.