The GBPUSD had a bullish momentum last week, slipped above 1.6000 and now struggling around that area. The bias is bullish in nearest term especially if price able to make a consistent move above 1.6000 targeting 1.6129/50 area as a part of the bullish scenario after broke above the trend line resistance as you can see on my daily chart below. Immediate support is seen around 1.5950. A clear break back below that area could lead price to neutral zone in nearest term testing 1.5900. A clear break and daily close below 1.5900 could create a false breakout scenario which could trigger further bearish pullback and keep price inside the range area. Note that price has been moving sideways for more than two months now but as long as stays above 1.5900 I prefer a bullish scenario and expecting a clear movement above 1.6000.
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