Nick Nasad
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GBP/USD - Test of Support, but Further Retrace Possible

I wrote about the GBP/USD recently and asked the question do we have a chance to buy off a shallow pullback or do we have a deeper retracement in the context of a more longer term ranging action.

The pair is at a critical juncture at the 1.6140 area, and if it slices through, I see it headed towards 1.6055 at least. The Pound has been bolstered by the changing perception around when the BOE may hike rates next, but with the GBP weaker against the EUR it has filtered into the Cable. In any case, let's see what happens next in this pair.