GBP/USD was in an expanded consolidation, with higher highs and lower lows as seen in the 4H chart. The latest rally however broke out of this sideways pattern and above the 1.6123 resistance pivot returning cable to a bullish outlook. It is currently testing the 1.6160 support/resistance pivot. The 4H stochastic is above 80 and suggests we might get a near-term throwback. With the bullish mode returning, a viable strategy might be to buy on the next dip. Throwback: The 1H chart reflects the overbought condition in the very short-term as both the stochastic and RSI readings are in overbought areas. If we do indeed ... (full story)