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The GBP/USD pair didn't make any significant movements yesterday. The bias remains bearish in the nearest term testing 1.2169 or lower.
Immediate support is seen around 1.2169. A clear break below that area could lead price to the neutral zone in the nearest term.
Price will test 1.2113, because in general, we remain bearish on June 27th, 2022.
Yesterday, the market moved from its bottom at 1.2169 and continued to rise towards the top of 1.2263.
Today, on the one-hour chart, the current rise will remain within a framework of correction.
However, if the pair fails to pass through the level of 1.2301 (major resistance), the market will indicate a bearish opportunity below the strong resistance level of 1.2301 (the level of 0.9910 coincides with tha ratio of 78% Fibonacci retracement).
Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.2301 with the first target at 1.2169 so as to test the double bottom.
If the trend breaks the double bottom level of 0.9802, the pair is likely to move downwards continuing the development of a bearish trend to the level of 1.2113 in order to test the weekly support 1.
The level of 1.2113 is a good place to take profits. Moreover, the RSI is still signaling that the trend is downward as it remains strong belowthe moving average (100). This suggests that the pair will probably go down in coming hours.
Uptrend scenario :
An uptrend will start as soon, as the market rises above resistance level 1.2301, which will be followed by moving up to resistance level 1.2405. Further close above the high end may cause a rally towards 1.2500. Nonetheless, the weekly resistance level and zone should be considered.
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