The GBPUSD slipped above the trendline resistance yesterday, topped at 1.5052 but whipsawed to the downside, closed lower at 1.4844 and now back below the trendline in a high volatile and indecisive market but this fact should keep the major bearish outlook intact. Immediate support at 1.4770. Break below that area could trigger further bearish momentum testing 1.4700 even 1.4550 – 1.4500 region. Initial resistance at 1.4920/30 region. Another upside pullback above that area could trigger bullish momentum testing 1.5000 – 1.5050 area.
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