FX.co ★ GBP/USD

The situation for the GBPUSD pair remains very difficult for me. On the one hand, the local upward move is still intact. However, we’ve already taken out all the nearest targets because we went above 1.35. But in the end we failed to consolidate there, and in the last few days we’ve been dropping quite well. That’s where we left a short-side initiative, although for me there are no clear nearby downside targets. Naturally, a lot will depend on demand for the dollar and it’s important how the buck will trade during the US session. I also assume that inflation is already priced in. Overall, I’ll still be guided by the short-side initiative and therefore, if we reach 1.3510 again, I’ll sell there, but only with a stop.