GBPUSD Needs A Correction Then Lower As we anticipated 2 weeks...

GBPUSD Needs A Correction Then Lower

As we anticipated 2 weeks ago, GBPUSD has transitioned into a new bearish trend. We were watching for the infamous 1.6000 level to be broken and for price to hold below it. Well, we got both last week as price closed last week BELOW 1.6000 major large quarter point.

While a very bearish event, it is prudent to note that price fell to the 1.5912 lows with very shallow to no correction on its fall from 1.6260 high of last week. That makes this pair ripe for corrective action this week.

Watch the Fibonacci levels on the daily chart. Also, news this week could fuel the correction if UK GDP surprises and comes in not so bad and US manufacturing comes weaker-than-expected. And yet on the other hand news could very well fuel a continuation in the rally as the marke really expects. Trade what you see!