The GBPUSD failed to hold its gains above the 1.6785 levels yesterday , bottomed at the 1.6761 and closed at 1.6780 . As a result ; a short term top has been confirmed at the 1.6835 levels , outlook has turned neutral at the moment .
On the downside , the GBPUSD will have to hold below the 1.6761 levels on a daily closing basis to push the market for further downside losses , If seen , It will target the 1.6720 levels where a breach will turn focus on the 1.6656 levels , further downside will aim the 1.6600 levels.
On the upside , a failure to hold below the 1.6761 levels could mean a return to the 1.6835 levels , a halt is likely – sell after rejection – but sustained trading – daily closing – above the 1.6835 levels is needed to resume the upside offensive . If seen , the pair will target the 1.6885 levels , a breach will open 1.6950 next , further upside will aim the 1.7000 levels…
In all , the GBPUSD is likely to consolidate within 1.6761/1.6835 range before the next move…..