GBPUSD Forecast:

The GBPUSD continued it’s bearish momentum yesterday, bottomed at 1.6430 and closed at 1.6483.  On h1 chart below we have a valid bearish channel indicating bearish view. The bias remains bearish in nearest term targeting 1.6350. CCI about to cross the -100 line up on h1 chart so watch out for potential upside correction testing 1.6570 (23.6% Fibo retracement of 1.7042 – 1.6430) and 1.6660 (38.2& Fibo retracement of 1.7042 – 1.6430). We know that the pair has been traded lower significantly since Thursday after a pessimistic economy outlook by BoE, so I think overall the Sterling should remains under pressure. We have UK trade balance data today. A positive reading might trigger upside rebound while a negative reading should trigger bearish continuation.