Technical outlook:
GBPUSD had managed to produce a pullback in the last two trading session, after printing lows around 1.2675 levels last Friday. The Cable currency pair is seen to be trading around 1.2850 levels at this point in writing and might extend its gain towards 1.3150/80 levels in the next few trading sessions. Please note that GBPUSD has found interim support around 1.2675 levels, which is fibonacci 0.382 retracement of the entire rally between 1.1414 and 1.3483 levels respectively. Also the recent boundary which is being worked upon is between 1.3485 and 1.2675 respectively, which could be retraced up to 1.3150/80 levels before turning lower again. Overall structure continues to remain bearish until prices stay below 1.3500 levels and bears might be targeting lower towards 1.2200 levels.
Trading plan:
Remain short, stop above 1.3500, target is 1.2200
Good luck!
