GBPUSD Forecast:

The GBPUSD continued it’s bearish momentum yesterday, bottomed at 1.6158 and closed at 1.6230. On h4 chart below we can see that the pair slipped below the lower line of the bullish channel (the same bullish channel I showed you on daily chart yesterday) but price retreated to the upside and now struggling around the bullish channel lower line. The bias remains bearish in nearest term but we need a consistent move below the lower line of the bullish channel for more bearish confirmation targeting 1.6050 area. CCI in oversold area and heading up on h4 chart so watch out for potential upside rebound testing 1.6280. Break above that area should trigger further bullish momentum and lead us into no trading zone.