The GBPUSD was volatile but indecisive yesterday. Price attempted to push lower, bottomed at 1.6064 but whipsawed to the upside and closed higher at 1.6135. The bias is neutral in nearest term. Price is still in a bearish correction phase but note that the major bullish scenario remains intact and 1.6050 – 1.6000 seems to be a good place to buy with a tight stop loss below 1.6000. Immediate resistance remains around 1.6168. A clear break above that area could trigger further bullish pressure testing 1.6200 – 1.6250.
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