Current week emerged shift in a GBPUSD trend, since Monday pair dropped approximately 260 pips and yesterday was solely 50 pips above 16 weeks low. Current upward correction is being limited by Fibonacci retracement, the level of 1.5634. In the scenario of not breaching 1.5634 level, GBPUSD may form Triangular price formation between mentioned resistance and either red trend line visible on chart below or fast dotted trend line plotted on the same chart. In line with generally bearish outlook are technical indicators – 50 EMA, Stochastic or RSI. What is more, none of significant economic releases are to come on Friday hence nothing should distort price movement on a chart.
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