[m.youssif]

GBPUSD Forecast
The GBPUSD also had a bearish momentum yesterday after failed to make a clear break above 1.6170, bottomed at 1.5951 and closed at 1.5997. The bias is bearish in nearest term targeting 1.5900 even could test the lower line of the major bullish channel as you can see on my h4 chart below. Immediate resistance at 1.6079. Break above that area could lead us to neutral zone in nearest term but as long as price moves inside the bearish channel (blue) we are still in bearish correction phase and only a violation to the bearish channel could end the bearish correction testing 1.6170 – 1.6250 area.

[m.youssif]

GBPUSD Forecast
The GBPUSD also had a bearish momentum yesterday after failed to make a clear break above 1.6170, bottomed at 1.5951 and closed at 1.5997. The bias is bearish in nearest term targeting 1.5900 even could test the lower line of the major bullish channel as you can see on my h4 chart below. Immediate resistance at 1.6079. Break above that area could lead us to neutral zone in nearest term but as long as price moves inside the bearish channel (blue) we are still in bearish correction phase and only a violation to the bearish channel could end the bearish correction testing 1.6170 – 1.6250 area.