The British currency is still very young to change: GBP / USD has regained 50% Fibonacci of the increase in early November. Buyer faces a resistance at 1.5250 level. You can see the symmetrical triangle on H4 chart.
We see two ways to trade the new cable in the week. According to the first scenario, the pair will continue to fall. In this case, we recommend selling of 1.5170 with a medium-term target at 1.50. The second scenario is bullish: this pair could extend the rest of the top and pushed to a level of 1.5300 and 1.5380. Given the potential for a bullish USD, we tend to first, the bearish scenario.
Next week on Tuesday, we will pay attention to the UK and US inflation data. Make sure you do not miss a UK retail sales on Thursday.
We see two ways to trade the new cable in the week. According to the first scenario, the pair will continue to fall. In this case, we recommend selling of 1.5170 with a medium-term target at 1.50. The second scenario is bullish: this pair could extend the rest of the top and pushed to a level of 1.5300 and 1.5380. Given the potential for a bullish USD, we tend to first, the bearish scenario.
Next week on Tuesday, we will pay attention to the UK and US inflation data. Make sure you do not miss a UK retail sales on Thursday.
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