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The GBPUSD had one more indecisive movement on Tuesday manifested in the Doji daily candlestick which was followed by a bearish candlestick on Wednesday. However, the pair reacted strongly towards the price level of 1.6160 pushing the pair to test 1.6300 – 1.6350 zone.
On Friday, the GBP/USD pair almost reached the price level of 1.6300 when the market reacted strongly bearish which was manifested in the daily bearish hammer candlestick which strongly suggests an upcoming bearish retracement towards retesting of the broken long-term trend line around 1.6150-1.6100.
The GBP/USD pair is now trapped within consolidation range 1.6160-1.6300.
The view remains bullish in short-term with the test of 1.6300 – 1.6350 zone as long as we have daily closure above the broken long-term trendline depicted on the chart .
Support: 1.6230, 1.6200, 1.6180, 1.6150, 1.6125 and 1.6075.
Resistance: 1.6250, 1.6285, 1.6300, 1.6350 and 1.6390.
Intraday support is seen around 1.6160. However, an obvious break below that level could lead the price to neutral zone in nearest term testing 1.6130-1.6050, while a longer-term support is seen around price level 1.5920 (50% Fibonacci Level).
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