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The pair is quite bearish for me today, take a look at this chart: CCI is crossing to the downside, while the pair is ready to break the 61.8% of the last up leg: 1.4715 is the first support to consider, followed by 1.4681, and 1.4632. Resistances from actual price will be at 1.4785, 1.4825 and finally 1.4860.
Drawing some trend lines in the 1 hr chart for the GBPUSD I would say that the trend for the next few days should be UP favoring the British pound. I really think that sentiment is now favoring the euro and the pound vs the U.S. dollar.
Hi RP thanks for your comments. I will now take a look to Gbp, but at least for me the pair is still under too much pressure to the downside
Regards
Val
Hi Valeria,
I have been following your blogs for a while now and they are impressive.
Do you think GBP/USD will ever bounce back to 2.0 or greater and if yes, how long do you predict.
I appreciate your reply
Hi Andy! At this time, I see the GBP more falling than rising to be honest. 2.00 seems really far away, the further upside I can see right now is closer to 1.80 (61.8% of monthly fall) yet there is no signal, trigger or confirmation yet telling me GBP could do that. We need that before thinking of a rise, and in that case, will take at least several months if not a year.
Regards
Val