Technical outlook:
GBPUSD had managed to push through 1 2930 levels early this week, after dropping through 1.2675 lows last week. The Cable currency pair is seen to be trading around 1.2833 levels at this point in writing and could continue to rally towards 1.3000 or 1.3200 mark to complete the counter trend rally. Please note that 1.3000 is the fibonacci 0.382 retracement of the recent drop between 1.3485 and 1.2675 respectively while 1.3200 is fibonacci 0.618 retracement. GBPUSD might reverse lower from either levels and push below 1.2675 in the near term. Immediate resistance is seen around 1.3485, while interim support comes in at 1.2675 levels respectively. Overall, GBPUSD remains bearish until prices stay below 1.3500 levels.
Trading plan:
Remain short, stop above 1.3500, target is open.
Good luck!
