GBPUSD Forecast:

The GBPUSD continued it’s bullish momentum on Friday, topped at 1.6398 and closed at 1.6353 but traded lower early today in Asian session. The bias is neutral in nearest term as we might have some downside correction today so do not rush buying now. A look on daily chart reveals that bullish momentum might find good resistance around the bearish channel upper line, which also a trendline resistance. I think I have made a mistake by not seeing this bearish channel and thus made a premature bullish reversal scenario conclusion. As long as the bearish channel valid, the bearish scenario remains intact. Immediate support at 1.6235 followed by 1.6140. Initial resistance at 1.6398 followed by 1.6468.