GBPUSD Forecast
The GBPUSD continued its bearish momentum last week bottomed at 1.2790 but closed higher at 1.2951. The bias is neutral in nearest term. The hammer formation formed on July 06 on daily chart wasn’t followed by a bullish candle suggests a weak bullish correction/reversal scenario. Immediate support is seen around 1.2900. A clear break and daily close below that area could trigger further bearish pressure retesting 1.2790. Immediate resistance is seen around 1.3000 followed by 1.3050. A clear break and daily close above that area would give the hammer bullish scenario a better chance challenging 1.3220 region.

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