GBP/USD: new low is coming soon
The price has found a support at 1.4089, which led to the current upward correction. Nevertheless, bears are still powerful, so the market is likely going to break the last low and reach a support at 1.4089 – 1.4036 afterwards. If sellers be stopped here, an upward correction becomes possible.
We’ve got a local flat between the level at 1.4129 and the 34 Moving Average. Therefore, this consolidation is likely going to be ended by the coming bearish movement towards a support at 1.4089 – 1.4039. However, bulls will probably try to set up an upward correction later on, but only if a pullback from the next support happens.