The GBPUSD failed to continue its bearish momentum yesterday topped at 1.3227 and hit 1.3274 earlier today in Asian session. The head and shoulders bearish formation I showed you yesterday is no longer valid. The bias is bullish in nearest term as we may have a false break (below 1.3100) bullish scenario testing 1.3315 region. Immediate support is seen around 1.3180. A clear break below that area could lead price to neutral zone in nearest term retesting 1.3100 key support.
Looking forward for the next week's GDP statistics and mortgage lending data in the UK. It's all old data on the 'other' Britain, but if they would be worse than expected, the sterling would not escape from the Bank of England's easing policy in the beginning of August.
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