Consolidation: GBP/USD entered the week in a consolidation, bullish correction mode. Last week, cable had formed a price bottom between roughly 1.6052 and 1.6155. After a break above this double bottom, price rallied to 1.6277. The 1H RSI shows loss of bearish momentum, but price still held below the 200-hour simple moving average (SMA) for the most part. This showed lack of bullish strength. Turning Bearish: As we get in the 9/16 European session, we are seeing price shift back into a bearish mode, or at least attempting to do so. – Price is breaking below a consolidation range for the past few sessions as it moved ... (full story)