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GBP/USD - Critical Support for the Bullish Outlook

When we look at GBP/USD's price action in  July, we see a pair that shifted from bearish to sideways after finding support at 1.5330. Now, to me, there is a slight bullish bias in the short to medium-term, but this slightly bullish outlook will be tested very soon as cable once again retreated from the 1.5675 resistance.

GBP/USD 4H Chart 7/30
(click to enlarge)

Now, this the last attempt to break 1.5675 did crack the resistance, but without a close above it, we can't say that the resistance is broken. Now, as price retreats, the 1.5525-30 area will be critical if the bullish outlook is to remain in play. For me, if price bounces off of this level and climbs back nicely above 1.5550, I am looking for a strong attempt to finally clear the 1.5675 high, which would then open up the 1.5929 high on the year made in June.

A break below 1.5525 however would suggest further bearish correction with the 1.5330 low back in sight for the next week.