GBPUSD  Forecast

The GBPUSD was volatile but indecisive yesterday. The bias is neutral in nearest term. My major bearish outlook should remain intact, but price is in a bullish correction phase now since bounced from 1.5422, moving inside a bullish channel as you can see on my hourly chart below. Immediate support is seen around the lower line of the bullish channel and 23.6% Fibonacci retracement of 1.6165 – 1.5422 located around 1.5600 area. A clear break and daily close below that area could end the current bullish correction phase retesting 1.5422 even lower. On the upside, immediate resistance is seen around 1.5780. A clear break and daily close above that area could trigger further bullish pressure testing 1.5875/80 key resistance area (61.8% Fibo). Fundamental focus is on the US NFP today, which is expected around 120K.

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