GBP/USD: daily update
GBP/USD slipped from the yesterday’s peak of $1.5430, consolidating slightly below the $1.5400 mark (around 61.8$ Fibo). On early Thursday bears tried to pull the cable lower following the UK GDP release, but met support at $1.5260. Cable is now sitting at the bottom of the daily Ichimoku Cloud.
We see that the $1.5400 mark still remains very strong. Clear fix above this level could open the way to $1.5530 (76.4% Fibo). Many specialists say that the pair has some more room for growth ahead of the US Fed meeting next week. On a downside, slide below $1.5280 would confirm the double top formation, opening the way for a deeper decline.
Chart. H4 GBP/USD