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Consolidation on the GBPUSD, which has formed what it appears to be a symmetrical triangle with good resistance at the 1.3600 level.
GBP/USD did bounce off from 1.3585 and is currently retracing to the support at 1.3500 - 1.3490. If it breaks out below that support it will likely fall to 1.3440.
GBP/USD is trading lower today on UK political woes. Bearish signs on H4 are indicating that the pair might test last week’s low at 1.3495.
Analysis:
GBP/USD bounced off from 1.3480 but the move to the downside towards 1.3440 will likely continue as the pair is still quite bearish.
GBP/USD could not quite reach 1.3440 and bounced off from 1.3455. It will probably continue moving to the upside towards the last high at 1.3615.
The pair performs well, expecting test of 1.3585.
Right or not, time will tell.
GBP/USD is very bullish - it broke out above high at 1.3615 and the resistance at 1.3655. It is very likely it will break out above 1.3700 as well.
Great rally on the GBPUSD, the pair has broken above the 1.3700 level. From this point on, the pair has the road clear all the way to the 1.4000 level.