The GBPUSD was corrected higher last week and still moving above 1.5500. The Spain’s bailout created risk appetite sentiment and broad US Dollar weakness. The bias is bullish in nearest term as price is in a bullish correction phase after bounced from 1.5270 key support area testing 1.5600 – 1.5650 but I doubt that the current risk appetite sentiment will continue. Immediate support is seen around 1.5500. A clear break below that area could lead price to neutral zone in nearest term and we still need a clear break at least below 1.5400 to keep the bearish scenario remains strong retesting 1.5270 key support area.
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