GBPUSD potential lower high carved around 1.3175 mark ?

GBPUSD might have completed its counter trend rally towards 1.3175 mark yesterday. An a-b-c rally has managed to reach the fibonacci 0.618 retracement of previous drop between 1.3488 and 1.1675 respectively. High probability remains for bears to take control back from current levels, but a test of 1.3200 handle cannot be ruled out. Bottom line; bears expected to stay in control until 1.3500 remains intact.

Remain short, stop @ 1.3500, target @ 1.2200.


Good luck!