GBPUSD Forecast:

The GBPUSD continued its bearish momentum yesterday. On h4 chart below we can see that the pair had a nice bearish momentum after break below the bullish channel and 1.6692 area. The bias is neutral in nearest term. CCI in oversold area and about to cross the -100 line up on h4 chart so we might see some upside rebound today testing 1.6692 resistance area. Break above that area could trigger further upside pressure testing the lower line of the bullish channel. I prefer a bearish scenario at this phase and only a move back into the bullish channel could be considered as bearish failure and trigger further bullish momentum towards 1.6842. Immediate support at 1.6605/00 area. Break below that area should continue bearish momentum targeting 1.6515 area.