The British Pound retreats after advancing up to 1.5246 against the greenback, now below the 1.5200 figure, amid resurging dollar's demand in the European morning. The UK calendar will remain empty this Thursday, but through the American session, several FED officers will be hitting the wires, including Janet Yellen, and investors will likely rush to price in any tip on a possible rate hike next December.
In the meantime, the 4 hours chart for the GBP/USD shows that the price is now below the 23.6% retracement of its latest bullish run, while the technical indicators turned lower in positive territory, not enough to confirm further declines. the 38.2% retracement of the mentioned rally stands at 1.5160, which means a break below the level is required to confirm a continued decline, with 1.5110, as the possible bearish target.
A recovery above 1.5200 on the other hand, can see the pair retesting the 1.5250 price zone, and 1.5285 middle line Pitchfork. yet selling interest around it is expected to continue capping advances.
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In the meantime, the 4 hours chart for the GBP/USD shows that the price is now below the 23.6% retracement of its latest bullish run, while the technical indicators turned lower in positive territory, not enough to confirm further declines. the 38.2% retracement of the mentioned rally stands at 1.5160, which means a break below the level is required to confirm a continued decline, with 1.5110, as the possible bearish target.
A recovery above 1.5200 on the other hand, can see the pair retesting the 1.5250 price zone, and 1.5285 middle line Pitchfork. yet selling interest around it is expected to continue capping advances.