GBPUSD finally managed to take out the psychological figure of 1.3000 and the resistance 1.2993 as the UK Retail Sales data showed some extraordinary figures. The pair is trading positively but again the rally is looking to run out of steam as the pair is finding a major hurdle at 1.3040-1.3060 (an OLD PIVOT level and major resistance). Breaking above this level will take the pair towards 1.3200 which seems an unlikely scenario for now. The pair may see the rejection at 1.3060 because we all know that a bigger correction is due. All momentum indicators are in overbought territory and the pair is indicating the signs of exhaustion. So it is a good opportunity for everyone to SELL GBPUSD pair below 1.3050 with the stop loss at 1.3090 and targets should at 1.2980, 1.2900, 1.2840 and finally 1.2750.
Good Luck.
Good Luck.