The GBPUSD attempted to push higher yesterday, topped at 1.5715 but closed lower at 1.5641. The bias is neutral in nearest term. My major outlook remains bearish but we need a clear break and daily close below the bullish channel and 23.6% Fibonacci retracement of 1.6165 – 1.5422 around 1.5600/80 (see my hourly chart below) to end the bullish correction phase testing 1.5520 – 1.5422 support area. Immediate resistance is seen around 1.5715. I do not expect a clear break and daily close above that area as it would continue the bullish correction phase testing 1.5780 even higher.
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