GBP/USD is currently trading with a bearish bias. Yesterday, the pair traded short but is yet to reach our target support level 1.44061. We are waiting for a clear rebound from 1.44061 to go long with a target at 1.4663. A clear breakout below this level will call for short position with an ultimate target at 1.4106. This pair should be traded alongside, GBP/JPY, EUR/USD, and AUD/USD. These pairs have a strong positive correlation of up to +0.92 and will likely have a similar price action during this week. Only buy or sell the Cable if the other pairs are giving the same signal.
In The meantime, sit on the sidelines and wait for a clear breakout below 1.44061 to go short with your target at 1.4106. A clear rebound from this level will lead to an upward acceleration towards 1.4663