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Transient bearish pressure was applied around 1.4960-1.5000 (38.2% Fibonacci level as well as previous weekly demand level).
Sideways movement with slight bearish tendency had been expressed on the daily chart until a bullish breakout took place above 1.4970-1.5000 (via a Full-body bullish candlesticks).
The recently-established demand zone at 1.5000-1.5080 (38.2% and 50% Fibonacci levels) will probably provide significant bullish pressure for further retesting offering a valid long-term buy entry.
Persistence above price zone of 1.5000-1.5080 exposes the next weekly supply zone at 1.5500-1.5550 as depicted on the chart.
The GBP/USD pair has been trapped between the levels of 1.4700 and 1.4500. A false bearish breakout took place below 1.4700, then GBP/USD bulls came back to trade above 1.4700.
Four-hour candlestick fixation above 1.4970-1.5000 (reversal pattern's upper limit) has confirmed the ongoing bullish scenario with projection target located in the daily supply zone around 1.5500.
Note that the price zone between 1.5300-1.5350 corresponds to a previous consolidation range (February 2015). The valid Intraday sell entry can be retested.
On the other hand, the recent demand zone between 1.5000-1.5080 (38.2% and 50% Fibonacci levels) will probably offer a valid long-term buy entry as soon as retesting takes place.
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