The GBPUSD had a bearish momentum yesterday after unable to make a break above 1.6473, bottomed at 1.6296 and hit 1.6265 earlier today in Asian session. The bias is bearish in nearest term testing 1.6192 but note that overall price is still in a consolidation phase with potential range area between 1.6473 – 1.6192. I still prefer a bullish scenario at this phase as the current sideways movement after the violation to the bearish channel is normal and only a clear break back below 1.6192 would cancel the bullish scenario. On the upside, we need a clear break above 1.6473 to continue the bullish scenario testing 1.6545 even higher.
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