The GBP/USD currency pair moved to the lowest level seen in over two-weeks yesterday. Price has subsequently found an element of support around the 50% corrective retrace of 1.5826 > 1.6305 and is trading around 50 pips higher than the 1.6065 weekly low. This comes in the context of a weekly timeframe doji/pinbar (see fig 2) price action backdrop. Price has now dropped almost 250 pips since testing the triple top range high area and stalling less than 3 pips shy of the previous swing high. An further downside would need to contend with the 61.8% Fibonacci retrace and 1.6000 handle round number area. Initial ... (full story)