GBPUSD Daily Forecast: July 04

GBPUSD Forecast
The GBPUSD failed to continue its bearish momentum yesterday, topped at 1.3206 and hit 1.3216 earlier today in Asian session. As you can see on my H4 chart below, price slipped above the bearish channel which is a serious threat to the bearish phase but note that price has made at least three false breakout above the bearish channel before, so we need a more convincing bullish momentum to confirm the invalidation of the bearish phase. The bias is bullish in nearest term testing 1.3250. A clear break and daily close above that area would invalidate the bearish phase with nearest bullish target seen around 1.3315 region. Immediate support is seen around 1.3150 area. A clear break below that area could lead price to neutral zone in nearest term but would keep the bearish phase alive and kicking testing 1.3100 or lower.