Technical outlook:
GBPUSD had carved a meaningful top around the 1.3500 level early this month before reversing sharply to the 1.2760 level. The single currency is seen to be trading around the 1.2860/70 levels at this point in writing and it is expected to move higher to the 1.3150/1.3200 level before finding resistance again. Immediate resistance is seen at the 1.3500 level, while interim support is around the 1.2760 level respectively. The recent boundary is between the 1.3500 and 1.2760 levels respectively. Also note that Fibonacci 0.618 retracement of the above drop is seen at 1.3200. The pair is likely to decrease if prices manage to reach there. The downside projections remain at the 1.2000 level in the next few weeks.
Trading plan:
It is recommended to open short deals at 1.3500.
Good luck!
