GBPUSD Forecast:

The GBPUSD made another bearish momentum yesterday, bottomed at 1.6401 but closed higher at 1.6485. On h4 chart below we can see that the bullish channel has been convincingly violated to the downside indicating bullish failure. Price break below 1.6500 area (38.2% Fibo retracement of 1.6113 – 1.6740), slipped below the 50% Fibo but pullback to the upside and now struggling around 38.2% Fibo area around 1.6500. The bias is neutral in nearest term but I prefer a downside scenario testing 1.6353 area (61.8% Fibo). Immediate resistance at 1.6530. Break above that area should lead us into no trading zone.