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The GBP/USD pair crashed in the last hours and now it's trading at 1.2356 far below 1.2430 today's high. The price action signaled exhausted buyers, while the fundamentals pushed the rate down. Still, don't forget that the sell-off could be only temporary as the Dollar Index remains under pressure despite temporary rebounds.
As you already know, the US New Home Sales, Unemployment Claims, Durable Goods Orders, Advance GDP Price Index, and most important the Advance GDP came in better than expected boosting the greenback.
Tomorrow, the US Core PCE Price Index may report a 0.3% growth versus the 0.2% growth in the previous reporting period. The Pending Home Sales, Revised UoM Consumer Sentiment, Personal Spending, and Personal Income could have a big impact as well.
Technically, the GBP/USD pair failed to reach the 1.2435 - 1.2447 resistance area signaling exhausted buyers. After escaping from the major Rising Wedge pattern, the pair was expected to drop. Still, after its massive drop, a rebound was natural.
Personally, I've drawn a descending pitchfork hoping that I'll catch a larger downside movement. The rate registered a false breakout with great separation through the upper median line (uml) confirming it as a dynamic resistance.
The weekly pivot point of 1.2330 represents a potential downside obstacle and target. A valid breakdown activates further drop and brings a new short opportunity. As long as it stays below the upper median line (uml), the median line (ml) could attract the price.
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