GBPUSD Forecast:

The lower line of my bullish channel and 1.6510 area was proved to be a good support at this phase. As you can see in my daily chart below, price bounced higher after touched the lower line and closed higher at 1.6580. However, surely it’s s too early to say that downside pressure is over. Although bullish channel remains valid and bullish scenario remains intact, note that we will have higher level of support area to be broken in order to confirm bearish reversal scenario. In other word, bearish reversal confirmation is now nearer than yesterday. The fact that the bullish rebound after touched the lower line was very limited suggest further downside pressure is still there. A violation to the bullish channel should confirm the bearish scenario. The bias is neutral in nearest term as we have nothing confirmed yet. Immediate support remains at 1.6510 area. Break below that area should be seen as bearish reversal scenario confirmation. Initial resistance at 1.6625 (yesterday’s high). Break above that area should trigger further bullish momentum and keep the bullish scenario intact.