GBP/USD Analysis (August 3)

The Cable has retraced almost 38% of its rally started on July 12. A resumption of the uptrend is now possible with a first target at recent high (1,6480).
Considering the long term setup (weekly range) which shows a bullish momentum, we continue to encourage a bullish prospect on the pair with an objective at 1,66 (weekly bollinger band).
Only a daily close below 1,62 would concern.