GBPUSD Pulls Back After Strong Gains

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The British pound sterling is posting losses following the solid gains made from earlier in the week.

After briefly rising close to 4th Jan highs near 1.3702, the cable gave back the gains intraday. This has led to a bearish close.

For the moment, the bias still remains to the upside. Price action could potentially form a reversal near the trendline around the 1.3600 level.

If price crashes through this level then we could see a move back to the 1.3500 handle.

With the Stochastics oscillator also moving out from the overbought levels, the downside is likely to prevail in the near term.

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