GBP/USD Retreats back into Consolidation Range

Expanding consolidation: The GBP/USD threatened to continue a recent bullish swing that came from the 1.4812 July, and 2013-low. However, after a new high at 1.5433 last week, cable retreated and remains in consolidation mode, though the prevailing bullish bias still remains as the 4H RSI reading is still above 40.

A break below 1.5260 with the RSI below 40 should be a sign of topping, exposing first 1.52 level near 38.2% retracement, then the 50% down to 61.8% retracement. Failure to push below 1.5325 "central pivot" keeps the bullish bias. A break above 1.5433 opens up at least the next couple of resistance pivots at 1.5476 and then 1.5527.

IMOH, Clement I.
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