GBPUSD is a pair to note as it has finally taken out 1.3448 medium term fibonacci support. Last week’s consolidation was relatively brief and weak, with upside capped by 1.36. GBP Action Bias table shows that’s it’s generally bearish against all by JPY.
GBPUSD Action Bias table is consistent with bearish development in the pair.
GBPUSD shows persistent downside red bias in D Action Bias chart.
6H Action Bias also turned red and stays red for 4 bars, in line with downside breakout development.
50% retracement of 1.1946 to 1.4376 at 1.3161 will be the next near term target.
