FX:GBPUSD British Pound/U.S. Dollar
FX:GBPUSD Price action set to retest the newly formed intermediate rising connecting both troughs created in Aug 15 & Sept 20th formation pattern shown in yellow. However, a shorter term declining , shown in purple, continues to emerge as price action is unable to puncture above this . Furthermore, a medium term downward sloping , shown in white, gives us an idea of how narrow the price action range has been in the past. Solid support is seen at the 1.2873 level shown in red, a move below that level would indicate a search for post Brexit lows maybe in the works. I down't see this happening, because that would mean other cross pairs like: EURUSD , AUDUSD & CADUSD will also seek to resume to post Brexit lows, and confirming a strengthening USD currency, as well as both weakening & oil prices. A repeat of late 2015 patterns ? Not.