GBPUSD  Forecast

The GBPUSD had a significant bullish momentum yesterday, topped at 1.6192 after the appearance of the hammer candle stick formation as you can see on my daily chart below. The bias is bullish in nearest term testing the upper line of the bullish channel and 1.6260 resistance area but as long as price moves inside the bullish channel the bearish scenario since the fall from 1.6745 remains intact. Immediate support is seen around 1.6080/50 followed by 1.6000. A clear break back below 1.6000 would change the intraday bias back to bearish testing 1.5900 and 1.5750 support area.

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