The GBPUSD was volatile but indecisive yesterday. Price broke above 1.6425/50 resistance area, topped at 1.6516 but whipsawed to the downside and closed at 1.6365. The bias remains neutral in nearest term, but yesterday’s bullish failure with strong selling activities should give us more downside intraday bias testing 1.6280. A clear break below that area would trigger further bearish pressure testing 1.6164 even would drag my attention to further bearish outlook toward 1.6000. On the upside, another move above 1.6425/50 would lead us to neutral zone in nearest term as direction would become unclear but only a clear break above 1.6600 would be a threat to the current bearish outlook.
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