The GBPUSD made significant technical movement by violated the bearish channel to the upside. However price retreated lower, moving near the upper line of the bearish channel. As long as price stay above the bearish channel, the bullish reversal scenario still potential. The bias is neutral in nearest term. Key resistance level at this phase is 1.6250 area. A valid break above that area should be seen as bullish confirmation targeting at least 1.6450 area this week. Bullish scenario potential will be canceled by another movement inside the bearish channel or below 1.6000 – 1.6040 area which could trigger further weakness for Sterling re-testing 1.5920 – 1.5832 area.
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