GBP/USD continues to climb after recent sell-off
GBP/USD is continuing its ascent following the sharp deterioration through last week. This looks likely to be a retracement, yet given the size of the initial downturn, it is likely that we will see further upside in the near term as the pair forms a deeper retracement.
It looks likely that the move higher we are currently seeing is a retracement rather than a bullish reversal. With that in mind, look out for further upside to bring us into a deeper retracement, where a break above $1.3072 would be required to negate the expectation of a bearish turn before long.