The GBPUSD had a bearish momentum yesterday, bottomed at 1.5695 and closed at 1.5718. The bias is bearish in nearest term testing 1.5650 key support area. A clear break and daily close below that area could trigger further bearish scenario testing 1.5550 – 1.5500 and cancels the bullish scenario after the breakout above the trend line resistance. However note that overall price is still trapped in range area of 1.6000 – 1.5650. Aggressive intraday traders can still long around 1.5650 with a tight stop loss as a clear break and daily close below 1.5650 would activate my bearish mode. Immediate resistance is seen around 1.5800. A clear break above that area could lead price to neutral zone in nearest term testing 1.5850, keep price inside the range area a little bit longer and keep the bullish scenario intact.
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