GBPUSD Forecast:

The GBPUSD attempted to push higher yesterday, topped at 1.6192 but bullish momentum was limited as price closed lower at 1.6111 and now traded around 1.6098 at the time I wrote this comment. On daily chart below we can see that price is now still struggling around the upper line of the bearish channel. The bias is neutral in nearest term but another movement back inside the bearish channel should be seen as bullish failure and a false breakout situation which potentially trigger significant bearish momentum testing 1.5900 – 1.5832 area once again. Immediate support at 1.6040. Break below that area should trigger further bearish momentum. Initial resistance at 1.6200 – 1.6250 area. Break above that area should trigger further bullish scenario towards 1.6700 in long term point of view.