During the previous trading day on 7th April 2017, the cable broke below the contracting wedge, headed further to the lower side and even broke below the short term support line 1.24085. As long as the price remains below 1.24085 (shown on the daily chart below), we expect a possible bearish price rally towards 1.2156 or even lower. This view is supported by the fact that the weekly chart, shown below, is pretty much bearish and shows that the price is pulling back from a key retracement level 1.2571 . As long as this protects any invasion to the upper side, we expect a possible momentum to the lower side with an ideal target at 1.10.
GBPUSD Daily Chart
According to the daily chart above, we're short as long as the pair remains below 1.24078.
GBPUSD Weekly Chart
The weekly chart is equally bearish and will head further to the lowerside
GBPUSD Monthly Chart
The monthly chart has been consolidating for the past 5 months
This pair should be traded alongside GBPHKD, EURUSD and AUDUSD. These pairs will have a similar price action during this intraday.
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