DislikedMy advice to anyone trading GBP/USD is to always study the EUR/GBP charts and pair - they give you a lot of insight.
At the moment - US$ is strengthening against the majors (except commodity currencies). GBP is not lossing out too much because EUR/GBP and GBP/JPY are actually holding up which i sgiving strength to the GBP/USD.
Look at these charts to make sense of the move - and you will be suprised to see how well they correlate. Its the same when EUR/USD was moving up but GBP/USD was moving down - it was because of EUR/GBP.Ignored
The weekly pin on E/G will put some pressure on the downmove of the pair.
Given that it was formed during the holiday period I don't trust it much.
The correllating movements between the Eur/Gbp Eur/Usd and Cable have been really helpful in determining a direction.
Fiber is testing the 1.37 resistance, Eur/Gbp the 0.94 support and cable is testing the 1.4550 level.
The next hour close will be crucial in giving these pairs some direction.