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GBP/USD dropped in the last two hours after reaching strong resistance. Technically, the pair reached a confluence area, so the current retreat is natural. Also, after such a strong rally, a decline was somehow expected.
The pair has increased a much as 1.3750 level where it has found resistance. Now is located at 1.3731 level and it could come down to test and retest the immediate obstacles before jumping higher.
Today's growth was natural as the Dollar Index has plunged after registering a new false breakout through the 93.43 level. Also, the BoE helped the Pound to appreciate. As you already know, the Bank of England maintained its monetary policy unchanged. Two members voted for ending the QE soon which was a big surprise. This was good for the British Pound.
The USD was punished by poor economic data. The Unemployment Claims, Flash Manufacturing PMI, and the Flash Services PMI come in worse than expected.
GBP/USD rallied after its failure to reach the 1.3602 support level. It has ignored the weekly S1 (1.3662), the median line (ml), and the former highs. Now it has found resistance at the confluence area formed at the intersection between the daily R3 (1.3743) with the upside 50% Fibonacci line. It's trapped between the 1.3891 and 1.3602 levels.
A temporary decline followed by a valid breakout above the 50% Fibonacci line may announce further growth towards the upper median line (UML). The weekly pivot point (1.3787) is seen as an upside obstacle, target, as well.
We may have a new selling opportunity only if the price fails to escape from the descending pitchfork's body.
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