Trade Idea: GBP/USD

Cable’s retreat after intra-day rise to 1.6593 suggests consolidation with downside bias would be seen and price just tested the Tenkan-Sen (now at 1.6437) as expected, break of 1.6395 (61.8% Fibonacci retracement of 1.6272 to 1.6593) is needed to signal the rebound from 1.6272 (Friday’s low) has ended and further fall to 1.6300 and then retest of 1.6272 would follow later this week.