[m.youssif]

GBPUSD Forecast
The GBPUSD made another upside attempt yesterday, but once again, the upper line of the minor bearish channel (red) rejected further bullish momentum and whipsawed to the downside, bottomed at 1.5898 and closed at 1.5940. The bias is bearish in nearest term testing 1.5880 and the lower line of the bullish channel, but note that as long as the major bullish channel (white) hold, the major bullish outlook should remains intact. A violation to the major bullish channel could be a threat to the bullish outlook and could be an early signal of a new bearish phase testing 1.5750 – 1.5650 area. Immediate resistance at 1.5950. Consistent move above that area could trigger further bullish momentum testing 1.6000 – 1.6083.

[m.youssif]

GBPUSD Forecast
The GBPUSD made another upside attempt yesterday, but once again, the upper line of the minor bearish channel (red) rejected further bullish momentum and whipsawed to the downside, bottomed at 1.5898 and closed at 1.5940. The bias is bearish in nearest term testing 1.5880 and the lower line of the bullish channel, but note that as long as the major bullish channel (white) hold, the major bullish outlook should remains intact. A violation to the major bullish channel could be a threat to the bullish outlook and could be an early signal of a new bearish phase testing 1.5750 – 1.5650 area. Immediate resistance at 1.5950. Consistent move above that area could trigger further bullish momentum testing 1.6000 – 1.6083.