GBPUSD Forecast:

The GBPUSD attempted to push higher yesterday, slipped above my trendline resistance but whipsawed to the downside after disappointing UK inflation report, bottomed at 1.5551 and closed at 1.5584. Now, as you can see on my h4 chart below, for the second time this week price slipped below the major bullish channel and testing 1.5550/30 key support area. Break below that area could be a serious threat to the major bullish outlook testing 1.5450 and 1.5380 area. Immediate resistance at 1.5615 region. Break above that area could trigger further recovery testing 1.5700 region and keep the bullish outlook intact.

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