GBP / USD short-term correction, breakthrough of the range, we are waiting for a new sell

GBP / USD: downtrend. After our previous analysis upward correction continues after break of the range 1.5490 / 1.5570 and should not hurry to sell now.

The short-term movement is a correction with a potential for rising to the upper side of the channel.

Reason for the likely short-term upward movement – break of the range 1.5490 / 1.5570, which signaling a bullish momentum.

Price is below a moving averages, which means only short positions. Suitable place for a new sell – upper arm of the channel around 1.5744, where we will go to a lower timeframe charts and will wait a new signal for downward impulse from oscillators.

The MACD and DeMark are in negative formation, short is more likely in the short term but will wait for the development of upward momentum.

Change of sentiment will have only in passing in the price above 1.5784.

Good prospects for the US economy and speculation of an early rise in interest rates by the Federal Reserve supported the dollar in the long term.

 Varchev Traders

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