[m.youssif]

GBPUSD Forecast
The GBPUSD continued its bullish momentum yesterday, topped at 1.6055 and closed at 1.6049. The bias remains bullish in nearest term testing 1.6100 and the upper line of the minor bearish channel (red). The major scenario remains bullish but as long as price moves inside the minor bearish channel overall we are still in bearish consolidation movement after the fall from 1.6292 on November 05. A violation to the minor bearish channel and consistent move above 1.6100 could potentially end the bearish correction and continue the major bullish scenario testing 1.6292 even higher. Immediate support at 1.5950. Break below that area could trigger further bearish pressure testing 1.5880 and the lower line of the major bullish channel (white) and could be the second threat to the major bullish outlook.

[m.youssif]

GBPUSD Forecast
The GBPUSD continued its bullish momentum yesterday, topped at 1.6055 and closed at 1.6049. The bias remains bullish in nearest term testing 1.6100 and the upper line of the minor bearish channel (red). The major scenario remains bullish but as long as price moves inside the minor bearish channel overall we are still in bearish consolidation movement after the fall from 1.6292 on November 05. A violation to the minor bearish channel and consistent move above 1.6100 could potentially end the bearish correction and continue the major bullish scenario testing 1.6292 even higher. Immediate support at 1.5950. Break below that area could trigger further bearish pressure testing 1.5880 and the lower line of the major bullish channel (white) and could be the second threat to the major bullish outlook.