GBP/USD is moving down in midterm. Though the big trend is up, this is the immense correction which started on wednesday and is likely to continue for till tuesday. The expected level of this down move is 1.6284 which is the bottom of daily bollinger band. Faliure of 1.6250 will establish a range from 1.6284 to 1.6900. This range is likely to be broken upward and the cable might reach 1.77 in the beginning of december favoring the major trend.
Current down move is supported by the bollinger band swings and is likely to support to ease up and refuel the major upmove. Thats the reason that the down move is immense and is eating up the small traders. The big players are sitting calmly till the cable reaches 1.6284 where bulls are sitting. Care is needed for entring shorts. Since the USD has no buyers and a weaker USD will help US to strenghten the economy. Therefore we assume that the current move is just a retrace and will die at 1.6284
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