GBPUSD  Forecast

The GBPUSD slipped below my bullish channel on Friday bottomed at 1.6209, but further bearish pressure was rejected and whipsawed to the upside and back inside the bullish channel as you can see on my daily chart below. This fact could create a false breakdown scenario which keeps the bullish scenario intact testing 1.6420 in nearest term. A clear break and daily close above 1.6420 could trigger further bullish scenario testing 1.6615. A broader look at weekly chart easily reveals that price has been moving sideways/unclear in the last five weeks. On the downside, another movement back below the bullish channel and 1.6250 support area could create another bearish scenario testing 1.6100 – 1.6000.

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