GBPUSD  Forecast

The GBPUSD continued its bullish correction yesterday, topped at 1.5644 and closed at 1.5595, made another bullish daily candle. The bias is bullish in nearest term testing 1.5700 and the upper line of the bearish channel. As long as the bearish channel hold, the major scenario remains bearish so the upper line of the bearish channel still a good place for a short position, but a valid violation to the bearish channel could be an early signal of a bullish reversal and activate my bullish mode testing 1.6000 region. Immediate support at 1.5550. Break below that area could lead us to neutral zone in nearest term testing 1.5500 – 1.5450 but as long as price moves above the trend line we are still in consolidation phase with a neutral medium bias.

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