GBPUSD Forecast:

The GBPUSD attempted to push lower on Friday, bottomed at 1.5580 but closed significantly higher at 1.5668. As we all know, although the bearish scenario remains intact, the bearish pressure is not able to break below 1.5560/30 support area so far and this fact could trigger some bullish correction as bearish momentum may exhausted. As you can see on my h4 chart below, after failed to break below 1.5560/30 area price is now testing the upper line of the bearish channel. Consistent move above the bearish channel could trigger bullish momentum testing 1.5800 even 1.6060 in longer term. On the downside, a clear break below 1.5560/30 area should continue the bearish scenario targeting 1.5250 this week.