The GBPUSD sell-off rejected the previous move above 1.6050 and is a challenge to the bulls in the shortest term. Today, let’s look at a possible further consolidation scenario from here. GBPUSD found a solid resistance area recently at around the 1.6050 level, an area that it poked at three times late in November before taking it out early last week with a move that topped out above 1.6130. Then the sequence above the 1.6050 level was subsequently rejected with the USD rally late last week, suggesting that the overall rally from the sub-1.5850 base is weakening. If we are to look for a three wave correction ... (full story)