FMFX

GBPUSD UPDATE

Before the market open this week, I did hold a bearish bias on the GBPUSD. It would only change if price remained above 1.6250. It did. And the pair rallied to high of 1.6410. However, cable failed to remain above 1.6350. As a result, cable is trading lower at 1.6325 at the time of this writing. The 61.8% Fibonacci retracement level of Monday’s intraday price action at 1.6320 has been respected so far. However, the real level to watch on the news release is 1.6250. A break below and price heads towards the green zone. If price remains above, then it heads towards 1.6350 on its way to 1.6500. Ultimately, I remain a long-term bear until price trades above 1.6500. Trade what you see!