The GBPUSD made a significant recovery yesterday topped at 1.5936 and closed at 1.5913 . The bias is bullish in nearest term testing 1.6000 but note that overall price still in consolidation phase, moving in range area of 1.6000 – 1.5780/50 and need a clear break on either side to see clearer direction. Aggressive intraday traders can short around 1.6000 or long around 1.5780/50 with tight stop loss. Overall we are still in bullish phase which started on December 29 from 1.5350 support level but would need a clear break above 1.6057 to continue the bullish scenario targeting 1.6180 – 1.6300 region.
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