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The GBP/USD bounced at the local support (green lines) but the rally was unable to break above the strong resistance (orange). The orange horizontal line is the bottom of wave 1 on a weekly chart and a break above it indicates an invalidation of a long-term bearish wave count.
1 hour
The GBP/USD bullish momentum could continue if price bounces at the Fibonacci support levels. Strong bearish price action, however, could also indicate the end of the bullish price action and the start of a reversal.
4 hour
1 hour
Origin: Admiral Markets
