Yet another negative consolidation phase Thursday, capped by resistance at 1.4982/95 ahead of 1.5013 with a more negative bias likely for Friday and late March.
Given the previous setback from 1.5169 (after last Wednesday's spike higher post FOMC), ahead of retrace and chart barriers at 1.5205/ 1.5270, we see bigger picture negative pressures intact.
A March plunge through 1.5000 and 1.4813, the 2013 swing low, set a more bearish trend theme.
- We see a downside bias for 1.4807; break here aims for 1.4778, maybe 1.4689.
- But above 1.4909 opens risk up to 1.4982/95, which we would look to again try to cap.
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2 Hour GBPUSD Chart