GBPUSD  Forecast

The GBPUSD had a bullish momentum yesterday, topped at 1.6197 but corrected lower significantly earlier today in Asian session and hit 1.6112. On h4 chart below you can see that price is now back below the bullish channel. Also, since the fall from 1.6300, price still making lower high suggests that the downside pullback scenario testing 1.5950 key support area remains intact. The bias is neutral in nearest term. Immediate support at 1.6070. A clear break below that area would change the intraday bias to bearish testing 1.6030 – 1.5950 support area. On the upside, we need a clear break above 1.6200 to stop this bearish scenario retesting 1.6300 key resistance area and keep the bullish continuation scenario remains strong.

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