GBPUSD Forecast:

A big surprise in UK GDP data on Friday hurt Sterling badly. The pair bottomed at 1.6298 and closed at 1.6303. Technically on daily chart below, it was a false breakout which usually trigger significant bearish momentum as price now back in the bearish channel area. The upper line of the bearish channel now became a resistance again, a good place to place a short position with only tight stop loss above it. The bias is bearish in nearest term targeting 1.6113 area. Immediate resistance at 1.6370.