GBPUSD Forecast:

The GBPUSD attempted to push higher yesterday, slipped above the upper line of the bearish channel, topped at 1.6488 but failed to consistently move above the bearish channel and closed lower at 1.6384. I think the upper line of the bearish channel is still a good area to place a short position at this phase. A false breakout usually lead to significant bearish momentum. Immediate support at 1.6300. Break below that area should trigger further bearish momentum towards 1.6140 area. Initial resistance at 1.6488 (yesterday,s high). Break above that area should be seen as the end of the bearish scenario.