GBP/USD Analysis (August 24)

We still consider the Cable slighly bullish despite the current consolidation. The market might be testing April high at 1,6750 soon if the 1,66 resistance is cleared.
To allow this scenario, we expect the pair to hold above 1,6360 (daily 20 moving average and 50% fib retracement). A break below this level would expose a setback towards the daily bollinger band at 1,6150 for a possible reversal.
We will wait for a break above 1,66 to confirm a bullish bias.