Opinion on the pair GBP/USD. Is correction complete?

During today’s trades, the pair GBP/USD continued its decline after the rally during the previous week. In general, this movement of the pair is due to the dynamics of the US dollar and the correction of its positions on the eve of the Fed meeting this week and the publication of data on employment in the United States. At the Fed meeting on January 31, further tightening of monetary policy is not expected. As a result, one should not expect a significant strengthening of the US dollar in the short term.

Technical analysis: Despite the decline, the pair GBP/USD still maintains an uptrend in the short term. It is also worth noting that on the chart of H1 a weak double top figure was formed, which has already begun its development, but further decline should be expected if the price is fixed below the level of 1.4045 and with the potential to decline to 1.4000, 1.3960.

Fig. GBP/USD. Current price – $ 1.4084

Alexander Sivtsov