GBPUSD Forecast:

The GBPUSD attempted to push higher yesterday, topped at 1.5124 but closed lower at 1.5067. The bias is neutral in nearest term. We are still in upside correction phase with the upper line of the bearish channel to be tested but the main scenario remains bearish as long as price still move inside the bearish channel. Immediate resistance at 1.5124 (yesterday’s high). Consistent move above that area could be a serious threat to the bearish outlook. Initial support at 1.5000 – 1.4950. Break below that area could end the bullish correction testing 1.4876 and 1.4779 area.

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