GBPUSD Forecast:

The GBPUSD attempted to push higher yesterday, topped at 1.6567 but failed to break above my 1.6580 resistance area before whipsawed to the downside, bottomed at 1.6425 and closed at 1.6446. On h4 chart below we can see that the upper line of the bearish channel did a good job keeping the bearish scenario intact. The bias is bearish in nearest term targeting 1.6350 area (50% Fibo of 1.6113 – 1.6740) and the lower line of the bearish channel. CCI just cross the -100 line down on h4 chart suggesting potential further weakness for the Sterling. Immediate resistance at 1.6480 – 1.6500 area. Break above that area should lead us into no trading zone.