The weak CPI
data from the US yesterday has spurred some buying pressure in the GBP/USD
. inline with expectations pre lim q/q GDP on the GBP has had no immediate effect but the longer-term trend on the GBP/USD
. (Weekly, Daily) is to the upside. I would like to see a retracement of the up move yesterday to either 38% or 50% where there is a bit more confluence. A return to buying pressure should be indicated in the form of some price action candlestick
pattern. I am aware there is a head and shoulders
pattern developing on the Weekly and daily chart
however the volume
pressure on the second shoulder is weak but will cause caution once/if the upside reaches the second shoulder-high again.