The GBPUSD was also corrected higher earlier today in Asian session on risk aversion sentiment which triggered broad Dollar strength and now testing 1.6150 support area. Technically speaking, the downside pressure may continue as a double top formation was formed around 1.6276 as you can see on my h4 chart below, but need a clear break below 1.5950 to confirm the bearish reversal scenario. A clear break below 1.6150 would trigger further downside pressure testing 1.6100 – 1.6050 support area. On the upside, we need a clear break above 1.6300 to continue the major bullish scenario and reactivate my bullish mode.
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