The GBPUSD attempted to push lower yesterday, bottomed at 1.5779 but whipsawed to the upside and closed higher back above 1.5910 resistance area. This fact forces me to activate my wait and see mode for now. The bias is neutral in nearest term but as long as price moves below 1.6000 I still prefer a bearish intraday scenario at this phase. A clear break above 1.6000 could trigger further bullish pullback testing 1.6070 – 1.6139 resistance area. Immediate support is seen around 1.5900 followed by 1.5850. A clear break below 1.5850 would keep the bearish scenario remains strong retesting 1.5750 support area. We have a CCI bullish divergence as you can see on my daily chart below suggests potential upside pullback.
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