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The GBP/USD pair is trading at 1.3085 at the time of writing. In the short term, the price has tried to rebound and recover after yesterday's sell-off, but the bearish pressure remains high. The currency pair climbed as much as 1.3124 today where it has found resistance. Fundamentally, the Pound has been lifted by the UK data. On the other hand, the USD was weakened by the DXY's drop.
The UK GDP rose by 0.8% beating the 0.1% expected, Construction Output reported a 1.1% growth versus 0.5% expected, Index of Services registered a 1.0% growth exceeding the 0.8% growth forecasted, while the Goods Trade Balance dropped unexpectedly lower from -12.4B to -26.5B below -12.6B forecasts. The GBP received a helping hand from Industrial Production which reported a 0.7% growth versus 0.1% expected, while the Manufacturing Production rose by 0.8%, even if the traders expected only a 0.2% growth.
GBP/USD maintains a bearish outlook even if the UK reported positive economic figures, while the Prelim UoM Consumer Sentiment was reported at 59.7 points below 61.4 expected.
As you can see on the h4 chart, GBP/USD plunged after escaping from the minor up channel. In the short term, it has rebounded but the leg higher was stopped by 1.3194 key level. As long as it stays below the median line (ML), the bias remains bearish.
A temporary rebound could bring new short opportunities. The weekly S2 of 1.3053 stands as static support. A valid breakdown and a new lower low could open the door for a larger downside movement.
The bias is bearish despite temporary rebounds. The breakdown from the minor up channel represented a short opportunity. A valid breakdown below the S1 could validate more declines towards the 1.3 psychological level.
In my opinion, a great short opportunity will appear if the rate registers a new rebound, if it prints a new up channel or a Rising Wedge pattern in the short term.
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