GBPUSD  Forecast

The GBPUSD continued its bearish intraday bias yesterday. The overall bias remains to the downside since the violation to the bullish channel and price keeps making lower low and high on daily chart but note that until we have a clear break below 1.5910, price is still in a consolidation phase and need a clear break below 1.5910 to continue the bearish scenario testing 1.5800 region even lower. Immediate resistance is seen around 1.6000/50 region. A clear break above that area could trigger further bullish momentum testing 1.6115/39 resistance area. I prefer a bearish scenario at this phase with short on rallies strategy.

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