GBPUSD Forecast:
The GBPUSD was corrected higher yesterday, topped at 1.5745, closed at 1.5716 and now struggling around 1.5707 area. The bias is bullish in nearest term testing 1.5800 area, but we need a consistent move above 1.5707 to continue the bullish correction scenario. Immediate support at 1.5650. Break below that area should trigger further bearish momentum and could be seen as potential false breakout scenario which could trigger significant bearish momentum testing 1.5550 – 1.5500 support area. Break above 1.5800 should continue the bullish momentum towards 1.5900 area.

EURUSD Forecast:
The EURUSD had a significant bullish momentum yesterday, break above 1.3750, topped at 1.3838 and closed at 1.3795. Technically, the bullish correction scenario indicated the hammer candlestick formation is now confirmed targeting at least 1.3850 before testing 1.4030 area. The bias is bullish in nearest term but note that longer term bearish scenario remains intact as long as price still move inside the bearish channel. Another movement back below 1.3750 today could be a threat to the bullish correction scenario testing 1.3650 – 1.3585 support area.

The EURUSD made another bearish momentum this week after failed to break above 1.4030 on Wednesday, bottomed at 1.3585 but closed a little bit higher at 1.3664 on Friday, formed a hammer candlestick pattern, as you can see on my daily chart below. I still prefer a bearish scenario next week with potential technical target at least around 1.3490 – 1.3400 area but potential upside pullback suggested by the hammer is something that we must not ignore. Immediate resistance to be tested is around 1.3750 area.