Although, the GBPUSD had all the positive sentiments of a bull market continuation, the strength of the USD from the Non Farm payrolls have thus limited its advance with the parallel decline along side with Euro. However, it maybe the technicals have been justified with the double-top chart formation as reflected in the chart.
This also came from a price consolidation and HI/LO trading range from the 1.5945 low and the 1.6030 high where a gradual price pattern of up and down swings have been established before last Friday's decline. A bearish tone with probable extension back to its original starting price of 1.5880 dated May 2012. A gradual decline would be in order unless a build-up of interest from a flight to quality USD purchases would continue with enough momentum to push prices in a rapid fashion.
This will bear fruit if and whenever the rising channel on the support price would be penetrated that can likewise meet some profit-taking causing a temporary pullback or corrective move from liquidation. It would be real nice to be slightly ahead of the market price action as when timing is off then we do have some time to change and make certain amends for our strategy.
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