British Pound / US Dollar
The GBPUSD has likewise shaken our bearish bias, and the pair threatens to close above important medium-term Fibonacci resistance on today’s sharp advance. The GBP previously failed at the 50.0 percent Fibonacci retracement of the 1.8680-1.3470 move at 1.6070—suggesting it could set an important short-term top. Yet it subsequently threatened important swing-high price ceilings near 1.6200, with a break to target the 61.8 percent retracement of the same move at 1.6680. A close below 1.6070 would not violate our bearish bias, and we are reminded that price remains in heavily overbought territory through a wide range of oscillators.
