Similar to the EURUSD, the GBPUSD attempted to push lower yesterday, bottomed at 1.4259 but recovered significantly during US session, closed at 1.4406. On h4 chart below we can see that price is trapped in range area of 1.4527 – 1.4240 area indicating consolidation after a significant bearish movement. We need a break from that range area to see clearer direction but the main scenario remains to the downside and only a breakout above the range could be a serious threat to the bearish scenario. On the other hand, we need a clear break below 1.4240 to continue the bearish scenario testing 1.4000 psychological area.
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