GBPUSD  Forecast

The GBPUSD had a bearish momentum yesterday, broke below the minor bullish channel as you can seen on my hourly chart below and hit 1.5446 earlier today in Asian session. The bias is bearish in nearest term testing 1.5344 (December 2010 low). From a longer term outlook, the current strong bearish bias could even go further testing 1.5000 psychological support. Immediate resistance is seen around 1.5500/25. A clear break back above that area could trigger further minor upside pullback testing 1.5600/50 but any upside correction now is normal and overall my technical bias remains to the downside and I still prefer a bearish scenario at this phase.

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