GBPUSD Forecast:

The GBPUSD had a volatile market yesterday. As you can see in my daily chart below, price slipped above the bearish channel but closed inside the bearish channel and now struggling around the upper line. After huge bearish momentum on Friday, I think the upside pressure is still a normal correction and unless we have a convincing movement above the bearish channel, I still prefer a bearish scenario. Immediate resistance is seen at 1.6438 (yesterday’s high). Break above that area should be a serious threat to my bearish outlook. Initial support at 1.6320. Break below that area should trigger further bearish momentum targeting 1.6240 area before aim for 1.6113.