GBP/USD Price Analysis: Inside candle favors a pullback, 1.1000 a key hurdle

From fxstreet.com

The GBP/USD pair has turned sideways after a strong rebound from a fresh multi-decade low of 1.03565 on Monday. The cable is displaying back-and-forth moves in a range of 1.0661-1.0832 and is displaying a volatility contraction phase. This could result in a further decline in the asset as institutional investors might be distributing more inventories. On the daily scale, the formation of an Inside candlestick pattern has cleared and the downside momentum has paused for a while. The above-mentioned candlestick formation indicates a volatility contraction amid exhaustion on the downside. A pullback move will get ... (full story)