GBPUSD  Forecast

The GBPUSD attempted to push higher yesterday but whipsawed to the downside and hit 1.6352 earlier today in Asian session after the rejection to move above the upper line of the bearish channel as you can see on my h4 chart below. While price found resistance at the upper line of the bullish channel, at the same time CCI unable to move above 100 line suggests limited bullishness so far. Only a clear break above the bearish channel and CCI above 100 line could be a serious threat to the H&S bearish scenario. The bias is neutral in nearest term. I still prefer a bearish scenario at this phase but would need a clear break at least below 1.6305 to continue the bearish pressure testing 1.6130 – 1.6063. Immediate resistance at 1.6440 (yesterday’s high). A clear break above that area could be a threat to the bearish outlook.

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