GBPUSD: Rally Threatens Key 1.64 Level
GBPUSD completed a bullish Three Inside Up candlestick pattern at rising trend line support connecting major lows since late January, taking out the top of a falling channel established from this month’s swing high as well as the 38.2% Fibonacci retracement of the 4/28-5/24 decline (1.6320). Current positioning doesn’t offer an actionable trading opportunity and we will remain on the sidelines for now. Near-term resistance lines up at 1.6401, the 50% retracement level, with a break higher exposing the 61.8% Fib at 1.6482.
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