GBPUSD retraced higher yesterday after large sell off on last Friday and the Pound continue to move up today. If price still trading below 1.65400, the downtrend is still intact. However, there are signs that US dollar is retracing lower so we expect that GBPUSD will move up further today.
With a big bearish bar formed last Friday, the bearish momentum is clearly very strong and it is not easy to break that resistant. We expect another test of 1.65300 will be happen soon.
Forex Trading Signal:
We will watch for signals to short GBPUSD around 1.64500 – 1.65300.