The GBPUSD continued its bearish momentum yesterday, bottomed at 1.6060 and closed at 1.6087. The bias is bearish in nearest term testing 1.6000 support area. A clear break below 1.6000 could trigger further bearish pressure testing 1.5910 which would open the door for further bearish scenario testing July’s low at 1.5779. Immediate resistance is seen around 1.6110. A clear break above that area could lead price to neutral zone in nearest term testing 1.6150 – 1.6200 but as long as price stays below 1.6251 (Friday’s high) the bearish scenario since the violation to the bullish channel should remain strong and I still prefer a bearish scenario at this phase.
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