Technical outlook:
GBPUSD had dropped to 1.2710 lows today before reversing sharply. The Cable pair is seen to be trading above 1.2800 levels at this point in writing and is expected to continue its rally further towards 1.3100/1.3200 mark. The recent boundary which is being worked upon is between 1.3483 and 1.2710 respectively. A pullback towards fibonacci 0.618 retracement seen around 1.3200 mark remains possible over the next few trading sessions. Immediate resistance is fixed at 1.3483, while interim support comes in around 1.2710 levels respectively. Also note that GBPUSD should be looking to drop towards 1.2200 mark after completing the proposed counter trend towards 1.3200 levels, going forward, it is marked as rectangle on the chart displayed here.
Trading plan:
Remain short and add more @ 1.3200, stop @ 1.3500, target is 1.2200.
Good luck!
