GBPUSD Forecast:

Technically, I don’t like what happen to the GBPUSD. The pair seems to “falling in love” with the upper line of the bearish channel and never really want to leave it! As you can see in my daily chart below, the blue line in circled area indicating lower highs indicating diminishing bullish pressure. However, price is now still above the bearish channel so I don’t have any reasons to place a short position at this phase. I think I will stay away from this pair for now. Immediate support at 1.6320. Break below that area should trigger further bearish pressure targeting 1.6113. Initial resistance at 1.6488.  Break above that area should trigger further bullish pressure testing 1.6600 – 1.6700 area.