GBPUSD range trade going forward.
The drop from 1.59 looks corrective, which means more upside is expected. However since the low we made last week, we haven't find any encouraging impulsive structure to support a upside bias. Especially today, given the broader USD weakness after gap, the strongest candidate of dollar bears sterling failed to break out its range in late US trade. Given the trading condition we are in and the wave count, More flat-ish consolidation is most likely. And we need to make another dip to 1.556 area to find a potential starting point of impulsive leg up.
Penafian
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