The $GBPUSD hourly chart is getting chopp-Y! This is pretty characteristic price action for the pair after a breakout. More importantly, it tends to signal a continuation of the current (up) trend.
I still believe that the pair corrects further. I am surprised that the recent rash of stronger-than-expected US data this week has not translated to a much firmer USD. Because the fundamental landscape this week has not has affected price action as expected, maybe the pair will only correct to 1.5750 rather than 1.5500 as I originally expected.
Since tomorrow is Friday, I will remain on the sidelines and gear up for a much busier week in the markets next week.
