GBPUSD Forecast:

The hanging man formation gave us a valid warning of a bearish correction yesterday. The pair bottomed at 1.6520 and closed at 1.6576. On h4 chart below we can see that the bearish momentum can not really made a violation to the bullish channel yet as the price still struggling around the bullish channel lower line. The bullish scenario remains intact and I still prefer an upside scenario, but I think it’s better to keep out from the market now. Immediate resistance at 1.6655 area. Break above that area should trigger further bullish momentum re-testing 1.6740 area. Initial support at 1.6500. Valid break below that area should be seen as potential bullish failure.