GBP/USD is vulnerable to the downside
No BUY/HOLD and/or SELL recommendations!
It is the third consecutive day where the GBP/USD fell.
After reaching on Monday, May 2, highs above 1.6720 and peaking at 1.6745 (see 4 hours - InternabkFX charts) the pair started to move within a Bearish bias.
As the title of this post stated, the GBP/USD pair remains vulnerable to the downside though now seen holding off further weakness.
The correction we see on this pair is weakening, because of its failure upward cycle on April 28 and May 2, 1.6745. It's possible that the pair may weaken further towards 1.6434.
Remember the long term bias for the GBP/USD remains Bullish. However, at this time the pair is conducting if you will corrective weakness risks.
The GBP/USD has opened the Asian session at 1.6486 and is slowly recovering, trading just 5 pips above its opening price at 1.6491.
Regards,
'THE PIP DISPENSER'
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