The GBPUSD attempted to push lower yesterday, slipped below the bullish channel but whipsawed to the upside, topped at 1.4721 and closed at 1.4648 in a high volatile market. On h4 chart below we can see that price had a strong bullish momentum after produced a false breakdown. The bias is bullish in nearest term especially if price able to move consistently above 1.4720 area targeting 1.4865 before testing 1.5000 – 1.5050 area. A failure to do so could lead us into a new range area between 1.4720 – 1.4527 but as long as price move inside the bullish channel the main outlook in nearest – medium term remains bullish.
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