After a break though the long-term bearish channel marked in blue, the pair is trending up inside the narrow bullish channel marked in brown.
The pair managed to make a bullish breakout of the consolidation range 1.5650 - 1.5740 which opened the way for the pair to test 1.5775 that was broken too.
Break of resistance level 1.5775 which took place yesterday opened the way directly towards 1.5870 which showed BEARISH price action.
Now the view for the GBP/USD pair is Bearish after failure of price to fixate above resistance level 1.5870.
Based on the previous analysis
The view for the pair is bearish but to minimize the position risk :
SELLING is suggested as soon as the pair retests the resistance level 1.5870 OR After 1H closure below 1.5815.
TP should be placed at 1.5820, 1.5775, 1.5740, 1.5690 then 1.5630 & SL should be placed above 1.5900.
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