GBPUSD Forecast:

The GBPUSD continued its bullish momentum on Friday, topped at 1.5216 and closed at 1.5183. On h4 chart below we can see that the pair is in critical technical phase as price is ready to test the upper line of the bearish channel. The bias is bullish in nearest term but note that only break above the upper line of the bearish channel could be seen as bearish failure and a news bullish phase. As long as price still move inside the bearish channel, the major bearish scenario remains intact. Immediate support at 1.5120. Break below that area should trigger further bearish momentum testing 1.5000/50 area and keep the major bearish scenario intact. Initial resistance at 1.5250. Consistent move above that area could be seen as bearish failure with technical bullish target seen at 1.5350 even 1.5530 region.