Consolidation, price top, central pivot: GBP/USD has been consolidating since failing to break above 1.56. It has also found support around 1.5480. During the 5/7 session however the market pushed GBP/USD to 1.5445 before pulling back to 1.55. The break to the downside is not clear, but price still has a chance to establish a top. If the pullback continues but fails to climb back above the central pivot of the “top” around 1.5540, then the bias is still bearish. Above 1.5540, we might put the focus back to 1.56 and consider the bullish continuation scenario. Downside target: Let’s assume the market has flattened and ... (full story)