The GBPUSD: upside correction
Bears failed to break below tough support of 1.5105, which was breached at the beginning of the week. The re-test of the level, which acted as resistance, was fallowed by the rebound up.
As for today’s outlook, we expect correction up from 1.5055 mark to continue. Potential correction target is situated at 1.5165 resistance.
Trading volumes are low, bullish potential are no stronger than that of the bearish. Further consolidation, followed by the continuation of the bearish trend is expected after the test of the 1.5165 resistance.
If bulls manage to push the price above 1.5165 resistance, the next target will be situated at 1.5245, where the medium-term downtrend is situated.
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