The GBPUSD had a bearish momentum yesterday on broad US Dollar strength, bottomed at 1.5466 and closed at 1.5497. The bias is bearish in nearest term but note that overall price is still in a consolidation phase, moving sideways between 1.5778 – 1.5400 as you can see on my h4 chart below. On the downside, a clear break and daily close below 1.5400 could trigger further bearish pressure testing 1.5330 – 1.5270 region. Immediate resistance is seen around 1.5570/50 (former support). A clear break back above that area could lead price to neutral zone in nearest term as direction would become unclear testing 1.5600/68 resistance area.
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