GBPUSD  Forecast

The GBPUSD attempted to push lower yesterday but further bearish pressure was rejected after unable to make a clear break below 1.6170 support area. The bias is neutral in nearest term. On h4 chart below we can see price has been moving in a minor bullish channel after the rejection to move below 1.6060/70. I still prefer a bearish scenario at this phase and expect at least a clear break below 1.6170 and the bullish channel for a retest of 1.6060/70. On the upside, a clear break above 1.6250 could trigger further bullish pullback testing 1.6305/50. Note that from a daily chart point of view this pair is still in consolidation phase in a triangle formation like I showed you yesterday.

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