Looking at GBPUSD’s Weekly chart, we can see its climb from the 1.35 price range to the 1.356, momentarily reaching as high as 1.36, but on November 10th the CPI announcement triggered the negative reaction, the negative momentum spike, and the -1.1% drop to the 1.342 price range as a result. Since then it didn’t manage to hold its ground, falling further, to 1.335 price range where it managed to form temporary support. It is currently traded at 1.337 attempting to climb back up towards the 1.34 range.
Today we could expect a pattern continuation and move below the 1.335 support level, as negative momentum is in play.
However, if it does manage to hold its current level and consolidate, we could expect a move near the 1.34 price range.
(Click on image to enlarge)
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