GBPUSD bounced spectacularly off the all time monthly support on monday leading to an extremely bullish week encouraged by the bearish dollar.
We can see GBPUSD has almost completed a 61.8% retracement of its most recent bearish move. The 61.8 coincides with an area of resistance for the pair.
Expecting to see between a 50% and 61.8% retracement of this latest...
We can see on the 4 hour chart price has retraced to the 61.8 fib from the Area of support around the 1.60800 area.
Looking for a break and retest on the underside of the trend line to confirm the short position.