The GBPUSD was volatile but indecisive yesterday. Price attempted to push lower, bottomed at 1.5986 but closed higher at 1.6084. The bias is neutral in nearest term. On h4 chart below we can see price still trapped in range area 0f 1.6276 – 1.5950 and need a clear break on either side to see clearer direction. The major scenario remains bullish after the break above the bearish channel on January 12 but need a clear break above 1.6300 to continue the major bullish scenario testing 1.6500 region. Immediate support at 1.6050. Clear break below that area would change the intraday bias to bearish testing 1.5980/50 but only a clear break below 1.5950 could be a threat to the major bullish scenario. Immediate resistance at 1.6120. Clear break above that area would change the intraday bias to bullish testing 1.6180. A clear break above 1.6180 would open the door for further bullish scenario testing 1.6276 – 1.6300 key resistance area.
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