The GBPUSD was unable to maintain its bullish momentum yesterday after good UK GDP data push the pair peaked at 1.5895 on Tuesday. Price violated the minor bullish channel to the downside, bottomed at 1.5729 but closed higher at 1.5789. The bias is neutral in nearest term. Immediate resistance at 1.5800. Consistent move above that area could trigger further upside momentum testing 1.5900 area before testing 1.6000. Initial support at 1.5700 – 1.5650 and the lower line of the major bullish channel. Only a violation to the major bullish channel could be a threat to the major bullish scenario as bearish reversal scenario could be produced.
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