Following up from the previous analysis, the downside objective was achieved at 1.67418. In the run up to the CPI release, it is likely for GBPUSD to go back to test the previous level of 1.6925.
While the bias is to the downside, for now, an upside move could be likely. Not recommended to take a long position now, or if taken make sure the risks are minimal with stops at or below 1.66559 followed by 1.67303.
Will be interesting to see how the pair reacts back at the 1.69250
While the bias is to the downside, for now, an upside move could be likely. Not recommended to take a long position now, or if taken make sure the risks are minimal with stops at or below 1.66559 followed by 1.67303.
Will be interesting to see how the pair reacts back at the 1.69250
