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Resistance: 1.5957 minor/1.5986 moderate/1.6019 strong
Support: 1.5924 minor
The Hourly GBPUSD chart has a high credibility bearish pattern, Three Outside Down. Though already in a bear market price action is now overextended suggesting caution should be taken for new shorts unless a swing trader. Existing sells however should stay short for possible further losses with a stop loss above the pattern high.
Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To Look At Prices
