Currency bears in charge
On the daily chart, we see that the orange resistance zone (created by the 76.4% and 78.6% Fibonacci retracement levels) encouraged currency bears to act, which means that our last commentary on this currency pair is up-to-date:
(…) the CCI generated a sell signal, while the Stochastic Oscillator is very close to doing the same, which suggests that further deterioration is just around the corner. If this is the case and GBP/USD declines from here, the initial downside target would be the blue declining line, which serves as the short-term support at the moment.
Very short-term outlook: bearish
Short-term outlook: mixed with bearish bias
MT outlook: mixed
LT outlook: mixed
Trading position (short-term; our opinion): No positions are justified from the risk/reward perspective at the moment.