The GBPUSD had a significant bullish momentum last week, broke above the bearish channel and 1.6192 key resistance area. On my hourly chart below, the red trend line is actually the upper line of the violated bearish channel. Price has been moving sideway after the breakout and important intraday range to be closely watch is between 1.6250 – 1.6338. We need a clear break above 1.6338 to continue the bullish scenario and give further confirmation to the bullish scenario testing 1.6375 – 1.6400 even higher. On the downside, 1.6250 – 1.6192 area seems to be a good place for intraday buying activity due to a good risk reward ratio there, a tight stop loss on a clear break below 1.6192.
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