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GBP/USD - So Much for that Price Bottom Attempt

The GBP/USD was trying to form a price bottom last week, as it held above the 1.6540 market. When it pushed above the 1.66 resistance, it started to look like a price bottom was formed as price was also cracking a falling trendline. However, traders immediately faded cable back below 1.66, and now below last week's low.

The sterling-usd pair is now in bearish continuation.

(GBP/USD 4H Chart 9/2)

The daily chart shows a persistent bearish swing since the 1.7191 high on the year. There has been no significant consolidation (last week's was the biggest consolidation attempt so far during this swing).

The next support will be at the 1.6465low from March. Below that the 1.6250-1.63 area representing the lows on the year will be in sight.

(GBP/USD Daily Chart 9/2)