Disliked{quote} I am going to be the dissenting voice here. I think cable has strength to go up further. That support at 1.66970 is pretty strong and has been holding since April 15th, more than a month and 1/2. And from the 4-hour chart, it's coming off a support level too and is holding and steadily climbing. So PROVIDED that it's not dragged down by the EU, cable is on its way up. Just my view.Ignored
The last 3 to 4 weeks, GBPUSD is in a channel downwards. But overall in the longer-term it is in an upward trend. In other words the medium term players are pulling this down, and the longer terms have this propped up.
In all honesty it can go either way, but what I have noticed over the last few days is the GBPUSD is in a lot of chop at the moment, which translates into some crazy move going to happen, up or down.
and this week has the market news to make it move in such a way.
PMI
MPC Rate
ECB Press conference
Unemployment #'s