GBP technical outlook
- GBP / USD had a nice run but needs digestion
- The weakness is expected to continue in the short term
GBP Technical Forecast: GBP / USD may continue to withdraw
The cable will start to weaken after a thorough run and is expected to do a little more refilling, even if higher prices await. 400 pip pop made GBP/USD due to withdrawal, but the question is how much one?
A subtle decline, leading to a consolidation pattern, can lift the road higher with a little patience. Crushing well over 14,000 is key, as it stands up to resistance every few months. However, if we are to see the price fall below here, the prospects for the upper half will, of course, weaken.
In general, it is difficult at this time to say very firmly what the next broader step will be, so I am going to wait before I read too much pricing.
GBP / USD daily schedule
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