GBPUSD Daily Forecast: October 19

GBPUSD Forecast
The GBPUSD had a bullish momentum last week topped at 1.5507 but closed lower at 1.5436. As you can see on my H4 chart below, price is moving inside a falling wedge formation which is a bullish formation especially if price able to make a clear break above the wedge. Aggressive intraday traders can sell around the upper line of the falling wedge formation with a tight stop loss as a clear break and daily close above the wedge and 1.5500 – 1.5550 area could trigger further bullish scenario targeting 1.5650 as nearest bullish target. Key intraday support is seen around the H4 EMA 200 located around 1.5350. A clear break and daily close below that area could trigger further bearish pressure testing the lower line of the falling wedge. My major technical outlook remains neutral.