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GBP Technical Forecast: GBP/USD May Continue Pullback

GBP Technical Forecast: GBP/USD May Continue Pullback

Paul Robinson, Strategist

GBP Technical Outlook

  • GBP/USD had a nice run but needs some digestion
  • Weakness anticipated to continue in short-term
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GBP Technical Forecast: GBP/USD May Continue Pullback

Cable is starting to weaken after a substantial run, and is anticipated to do a bit more back-and-filling even if higher prices lie ahead. The 400 pip pop made GBP/USD due for a pullback, but the question will be how much of one?

A subtle decline that leads to a consolidation pattern could make for a path higher with a little patience. Breaking solidly above 14000 will be key as it stands as resistance going back a few months. Should, however, we see price take a dive lower from here then the outlook for the top-side will of course weaken with it.

Overall, it is hard to say at the moment with much certainty what the next broader move will be, so I will take a wait-and-see approach before reading too much into the price action.

GBP/USD Daily Chart

GBP/USD Chart

GBP/USD Chart by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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