GBPUSD  Forecast

The GBPUSD was corrected higher yesterday on broad US Dollar weakness and now traded above 1.5700. On hourly chart below we can see price is moving inside a minor bullish channel suggests an upside pullback phase testing 1.5779 – 1.5800 area. However my major bearish outlook should remain intact as long as price stays below 1.5910 – 1.6000 and I still prefer a bearish scenario at this phase. Immediate support is seen around 1.5680 and the lower line of the minor bullish channel. A clear break below that area and violation to the bullish channel could stop the current short term bullish bias testing 1.5650/30 area and keep my major bearish scenario remains strong, still testing 1.5500 and 1.5344 area.

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