GBPUSD Forecast:

After three days of bearish momentum the GBPUSD was corrected higher yesterday. The pair attempted to push lower, bottomed at 1.6152 but further bearish pressure was rejected as the pair whipsawed to the upside, topped at 1.6304 and closed at 1.6268. On h4 chart below we can see that this was a case of false breakdown from the bullish channel lower line (blue). The bias is bullish in nearest term testing 1.6360 area but the bearish channel (red) remains valid indicating the bearish scenario remains intact. Immediate support is seen at 1.6250/10 area. Break below that area should trigger further bearish momentum. I prefer to stay out for now. We will have UK’s revised GDP data today. A positive result should trigger more bullish momentum while a negative result should continue the bearish scenario.