The GBPUSD failed to continue its bullish momentum yesterday. The bias is neutral in nearest term as direction is unclear and overall price still trapped in range area of 1.5778 – 1.5400 in the last 5/6 weeks. While shorter time frames suggest sideways/consolidation phase, price still moving below EMA 200 on daily, weekly and monthly chart suggests a bearish outlook. Immediate support is seen around 1.5570/50. A clear break below that are could trigger further bearish pressure testing 1.5500 – 1.5400 region. Immediate resistance is seen around 1.5650. A clear break above that area could trigger further bullish pressure testing 1.5700 – 1.5778 resistance area but only a clear break above 1.5778 and the trend line resistance (white) would activate my bullish intraday mode testing 1.5850 – 1.5900 area.
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