GBPUSD Forecast:

The GBPUSD had a bullish momentum yesterday, topped at 1.6298 and closed at 1.6264. On daily chart below we can see that the pair is struggling around the trendline support (blue) and 23.6% Fibo retracement (of 1.3653 – 1.7042) around 1.6250 area. The price is now testing the upper line of the bearish channel (red channel). I still prefer a downside scenario but a break to the upside should be seen as bearish failure and might lead us into no trading zone. The bias is bullish in nearest term testing 1.6375 area but remains unclear in medium term. CCI just cross the -100 line up on daily chart suggesting potential upside pressure. Immediate support at 1.6110 area. Break below that area should trigger further bearish momentum towards 1.6000 psychological level. Today we will have Halifax HPI and Services PMI data which expected at 0.5% and 53.9. A worse than expected numbers should trigger bearish momentum while a better than expected numbers should be good for the Sterling.