GBPUSD ready to retrace

Short

British Pound / U.S. Dollar (FOREXCOM:GBPUSD)

Updated

FOREXCOM:GBPUSD British Pound / U.S. Dollar

trendanalysis chartpattern indicator gbpusdshort gbpusd short usdollar

After a decent steady rise of GBPUSD, I think the rally is out of steam. My reasoning for the GBPUSD rally was a correction in the USD Index rather than fundamentals for GBP being strong. Shorting down to Fib level 0.236 @ 1.2640

Comment:

Also GBPUSD very overbought

Thank you for being part of this great community!

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.