The GBPUSD failed to continue its bullish momentum last week after the false breakout above 1.6000 and slipped back below 1.5900. The bias is bearish in nearest term testing 1.5800 support area. A clear break and daily close below that area could trigger further bearish pressure testing 1.5700 – 1.5650. Immediate resistance is seen around 1.5900. A clear break above that area could lead price to neutral zone in nearest term testing 1.5950 – 1.6000. On the upside, a clear break and daily close back above 1.6000 would keep the bullish scenario after the breakout above the trend line resistance remains strong and reactivate my bullish mode.
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