The GBPUSD continued its bullish correction on Friday, topped at 1.5787 and closed at 1.5774. The bias is bullish in nearest term especially if price able to make another upside breakout above 1.5787 testing 1.5850 – 1.5900 region. However, note that as long as price moves inside the bearish channel, the current bullish momentum must be seen just as a counter trend move and only a violation to the bearish channel could be a serious threat to the bearish scenario. Immediate support at 1.5650. Break below that area could trigger further bearish pressure testing 1.5550 – 1.5500 and keep the major bearish scenario remains strong.
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