The GBPUSD had a volatile but indecisive movement yesterday. Price attempted to push lower, bottomed at 1.5893 but whipsawed to the upside and hit 1.6018 earlier today. We have a broadening formation as you can see on my hourly chart below. I hate this formation and when I see it, it’s time to stay away and wait for further development. From a longer term technical outlook, the major bullish scenario remains intact and only a clear break and consistent movement below 1.5950 could be a threat to the bullish outlook and could be and early signal of a bearish reversal scenario.
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