GBPUSD suffered a freefall in the face of hotter-than-expected US CPI inflation data on Tuesday and dropped to a new low of 1.2504 on Friday, retracing back to December’s lows and to the bottom of a broader range area. Despite the consolidation phase, the rejection from the 38.2% Fibonacci retracement of the October 26-March 8 uptrend suggests another bearish wave is likely. This is evident by the negative slope in the momentum indicators too, which reflect persisting selling interest. A close below the 1.2500 round level may lead to an immediate pause near the 23.6% Fibonacci mark of 1.2480. If the sell-off expands ... (full story)