GBPUSD  Forecast

The GBPUSD attempted to push higher yesterday, topped at 1.5715 but closed lower at 1.5641. The bias is neutral in nearest term. My major outlook remains bearish but we need a clear break and daily close below the bullish channel and 23.6% Fibonacci retracement of 1.6165 – 1.5422 around 1.5600/80 (see my hourly chart below) to end the bullish correction phase testing 1.5520 – 1.5422 support area. Immediate resistance is seen around 1.5715. I do not expect a clear break and daily close above that area as it would continue the bullish correction phase testing 1.5780 even higher.

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