The GBPUSD continued its bearish correction yesterday, bottomed at 1.6100 but bounced higher earlier today in Asian session hit 1.6188. The bias is bullish in nearest term especially if price able to make a clear break above 1.6200 retesting 1.6276 – 1.6300 key resistance area but note that overall we are still in sideways condition between 1.6300 – 1.5950 and I will only reactivate my bullish mode on a clear break above 1.6300 targeting 1.6500 even 1.6700. On the downside, a clear break below 1.6100 would trigger further bearish pressure testing 1.6050 – 1.6000 and open the door for a retest of 1.5950 key support area.
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