The GBPUSD made another volatile but indecisive movement yesterday. Price slipped below the bullish channel but further bearish pressure was rejected and now struggling around the lower line of the bullish channel as you can see on my h4 chart below. The bias is neutral in nearest term. A quick look at the daily chart easily reveals that price has been moving in a range area between 1.6115/39 – 1.5970 since June 29 without clear direction and momentum suggests a consolidation phase. I will stand aside for now until a clear movement above 1.6115/39 or below 1.5970/10. Aggressive intraday traders may take the advantage from this sideways condition by long around 1.5970/10 or short around 1.6115/39 with tight stop loss. A clear break above 1.6115/39 could trigger further bullish pressure testing 1.6200/60 while a clear break below 1.5910 could continue the bearish pressure testing 1.5800 region.
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