Updating our previous technical analysis for the GBPUSD pair (published on June 01), we see how the previous week’s candle didn’t signal a specific direction following the re-test of 23.6% Fibonacci retracement of the entire downside wave from 1.7188 to 1.4565.
The GBPUSD pair has achieved a short-lived correction after testing the aforementioned support, but it is currently trading near it once again.
It is worth mentioning that, some signs on technical indicators remain negative over weekly studies, as AC, Stochastic are inching lower; whilst Vortex is presently reflecting the indecision case.
Overall, we will be watching the price actions carefully before entering the market, as we need a confirmation for resuming the bearishness started at the classical resistance zones of 1.5825.
Remember, staying aside is a position and we don’t want to be involved in selling the GBPUSD near strong support and shorts could be triggered below it.