GBPUSD  Forecast

The GBPUSD was volatile but indecisive yesterday. The upper line of the bearish channel still holds so far, keep the major bearish scenario intact. On h4 chart below we can see price still moves in a minor bullish channel (white) indicates that we are still in bullish correction phase. We need a break below the minor bullish channel and 1.5650 support area to continue the bearish scenario testing 1.5550 – 1.5500. The bias remains neutral in nearest term. Immediate resistance remains around 1.5850. Consistent move above that area could be a threat to the major bearish outlook testing 1.5900 and could be an early signal of bullish reversal scenario.

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