The weak CPI data from the US yesterday has spurred some buying pressure in the GBP/USD. inline with expectations pre lim q/q GDP on the GBP has had no immediate effect but the longer-term trend on the GBP/USD. (Weekly, Daily) is to the upside. I would like to see a retracement of the up move yesterday to either 38% or 50% where there is a bit more confluence. A return to buying pressure should be indicated in the form of some price action candlestick pattern. I am aware there is a head and shoulders pattern developing on the Weekly and daily chart however the volume pressure on the second shoulder is weak but will cause caution once/if the upside reaches the second shoulder-high again.
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This could now retrace to the 88% level forming a bat or crab pattern before the up move