__SpecialFX__
Short

Rejection from Key Resistance & Holding Channel - Still Bearish

FX:GBPUSD   British Pound/U.S. Dollar
A follow up from a previous post suggesting a strong sell. (linked)
The upside pull back here has been accompanied with strong momentum , but sellers have stepped in at an important area and have defended. The rejection came in from a confluence of previous resistance & top of channel, confirmation by bearish engulfing candle once closed. The area also marks the 88.6% Fib level of the last leg down (5690-5423)

Looking for a move towards 1.51 or lower while the level/channel holds, which marks the 50% fib of the entire move up on the daily
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