The GBP/USD pair dropped in the short term as the Dollar Index rebounded. Technically, after its strong growth, a correction was natural. It was trading at 1.2114 at the time of writing above the 1.2072 today's low.
Fundamentally, the GBP/USD pair extended its growth after the UK manufacturing and services data came in better than expected on Wednesday. Yesterday, the Pound received a helping hand from the CBI Industrial Order Expectations indicator was reported at -5 points versus -9 points expected.
As you already know, the USD remains sluggish despite temporary rebounds as the US manufacturing sector dropped into contraction as well.
The GBP/USD pair dropped after reaching the 1.2153 new high. Temporary drops are natural after its amazing rally. Still, the price action developed a flag pattern. This could bring an upside continuation.
As you can see on the h1 chart, it has found support on the channel's downside line and now it has rallied. It could challenge the downtrend line, it remains to see how it will react.
A new higher high, jumping and closing above 1.2127 activates further growth and brings new long opportunities.
Only a new lower low, breaking below 1.2072 activates more declines.
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