Although we have good signs on the 4hour chart with divergence, etc and the bounce off the local support. I believe this would be a short-term option to, the bigger picture. The Fundamental outlook for the GBP is not great at the moment with supply chain shortages and rising inflation so I believe a dip lower could be on the cards. We have good support coming up around the 13300 area which coincides with the completion of a corrective ABC down. This is also a magnet zone for a Fibonacci retracement from the 1-5 Elliot wave impulsive wave up. So I am currently on the fence and waiting for this zone to buy the GBP/USD. There may be short-term sell positions in the meantime so watch this space.
