GBPUSD Forecast:

The GBPUSD made indecisive movement yesterday, made a Doji on daily chart. My technical strategy yesterday, about to place a short position around the upper line of the bearish channel worked fine, as you can see on daily chart below, that area is a good resistance area and that area remains a good place to keep short with tight stop loss above it. I still prefer a bearish scenario at this phase, with medium term technical target at 1.5800 area. Immediate resistance at 1.6394 (yesterday’s high) and around the upper line of the bearish channel. Break above the bearish channel should lead us into no trading zone as price might start to regain it’s bullish momentum once again, and nearest bias would become unclear for me. The bias remains bearish in nearest term and still targeting 1.6113 area.