GBPUSD  Forecast

The GBPUSD slipped above 1.5900 yesterday but failed to move consistently above that area and whipsawed to the downside, bottomed at 1.5738 and closed at 1.5761. On h4 chart below we can see price is now back inside the major bearish channel (red) indicates the major bearish scenario remains intact and testing the lower line of the bullish channel (blue). As long as price moves inside the bullish channel we are still in bullish correction phase. We need a clear break below the bullish channel and 1.5700 support area to potentially end the bullish correction phase testing 1.5650. A clear break below 1.5650 would give us further validation to the bearish continuation scenario. On the upside, only a clear break above 1.5900 could trigger further bullish scenario targeting 1.6000 and lead us to a new bullish phase.

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