The GBPUSD continued its bearish scenario yesterday, bottomed at 1.4305, slipped below 1.4251 earlier today in Asian session, but still unable to stay consistently below 1.4251 so far. The bias is bearish in nearest term targeting 1.4110 region but we need a consistent move below 1.4251 area to continue the bearish scenario. Immediate resistance at 1.4400 area which could be tested today as price already in oversold area. Unless we have high impact news or data that could pause Dollar strength, I don’t expect any movement higher than that area today. However, break above that area could trigger further upside correction testing 1.4450 area but I still prefer bearish scenario at this phase with short on rallies strategy.
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