GBPUSD Forecast:

The GBPUSD attempted to push higher yesterday, topped at 1.6602 but further bullish momentum was limited, whipsawed to the downside, bottomed at 1.6450 and closed at 1.6500. On h1 chart below we can see that the price still struggling around the upper line of the bearish channel. We also have a triangle formation (yellow) indicating consolidation. I’ll keep stay out. Break from the triangle should give us clearer direction. I prefer a breakdown and bearish scenario but let the market decide the direction. Immediate resistance at 1.6602 and 1.6660. Break above 1.6660 should trigger further upside scenario towards 1.6750 area. Initial support at 1.6375. CCI in neutral area both on h1 and h4 chart.