GBP/USD is at Overbought Levels

Dear traders,

The GBP/USD is a bit overbought. The price hasn’t made any substantial retracement since touching the high at 3750.

Lower high on the chart suggest a pullback to 88.6 fib. If bears take over the bulls, we should see another drop and a retest of Friday lows. Failure to close below Friday low might make bulls stronger. At this point the POC 3705-15 should reject the price down towards 1.3660 and 1.3620. Only a break of 1.3750 will make this scenario invalid.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez