GBPUSD Outlook
The GBPUSD continued it’s bearish correction yesterday. The pair bottomed at 1.6092 and closed at 1.6172. The pair keep moving lower at the time I wrote this comment, traded around 1.6130. The bias is bearish in nearest term but remains bullish in medium term. I think it’s better to stay away for now. Immediate support is seen at 1.6090 area. Break below that area could trigger further bearish momentum towards 1.5950. CCI about to cross the -100 line down on hourly chart suggesting a potential downside pressure. Eyes on US Non Farm Payroll data today.
GBPUSD Daily Supports and Resistances:
- S1= 1.6032
- S2= 1.5892
- S3= 1.5693
- R1= 1.6371
- R2= 1.6570
- R3= 1.6710
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