Not Yet A Breakout

$GBPUSD has finally hit 1.6300. After hitting resistance at 1.6250 for over 3 months and dropping to 1.5850, cable finally managed to hit the big psych level at 1.6300. I see many bears in the $GBPUSD stream at this price level. While a daily chart breakout is hardly a bearish event, check out the weekly chart. We’ve been here before…with no follow through.

GBPUSD WEEKLY CHART

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