GBP Technical Outlook
- GBP/USD had a nice run but needs some digestion
- Weakness anticipated to continue in short-term
GBP Technical Forecast: GBP/USD May Continue Pullback
Cable is starting to weaken after a substantial run, and is anticipated to do a bit more back-and-filling even if higher prices lie ahead. The 400 pip pop made GBP/USD due for a pullback, but the question will be how much of one?
A subtle decline that leads to a consolidation pattern could make for a path higher with a little patience. Breaking solidly above 14000 will be key as it stands as resistance going back a few months. Should, however, we see price take a dive lower from here then the outlook for the top-side will of course weaken with it.
Overall, it is hard to say at the moment with much certainty what the next broader move will be, so I will take a wait-and-see approach before reading too much into the price action.
GBP/USD Daily Chart
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—Written by Paul Robinson, Market Analyst
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