GBPUSD Forecast:

The GBPUSD had a significant bearish momentum yesterday, bottomed at 1.5189 but closed higher at 1.5263. The nearest bias is neutral but the main trend should remain bearish with technical target around psychological level 1.5000 in longer term and I am still in bearish mode for this pair. However CCI in oversold area and heading up on h4 chart suggesting potential upside correction testing 1.5347 and the upper line of the bearish channel. Only violation to the bearish channel could be seen as a serious threat to the current bearish scenario testing 1.5560 area. Immediate support at 1.5189 (yesterday’s low). Break below that area should trigger further weakness for the Sterling.