GBP/USD - Short-Term Retracement
GBP/USD is still bouncing back from 1.4700. The pair has failed to reach hourly resistance at 1.4770 (03/05/2016 high). Hourly support is given by the lower bound of the uptrend channel and by 1.4404 (15/05/2016 low). Expected to show renewed bullish momentum toward resistance at 1.4770.
The long-term technical pattern is negative and favours a further decline towards key support at 1.3503 (23/01/2009 low), as long as prices remain below the resistance at 1.5340/64 (04/11/2015 low see also the 200 day moving average). However, the general oversold conditions and the recent pick-up in buying interest pave the way for a rebound.