GBPUSD Daily Forecast

The GBPUSD continued it’s bearish momentum yesterday. The pair bottomed at 1.6241 and closed at 1.6317. On h4 chart below we can see that the pair is making a new bearish channel. Immediate support is seen at 1.6240. Break below that area should trigger further bearish momentum targeting 1.6100 even testing key support level around 1.5790 in medium term. Initial resistance at 1.6350. Break above that area could lead us into no trading zone.