GBPUSD - Technical Analysis: Tuesday, 08/08/2017 04:07 GMT

The GBPUSD pair approached from testing 38.2% Fibonacci correction yesterday and shows some rise now, with possibility to retest 1.3108 before turning back to decline again.

Overall, the correctional bearish pressure will remain dominant unless the price succeeded to rally to the upside to surpass 1.3108 and settle above it, as surpassing this level will lead the price to head towards 1.3268 as a first target, while breaking 1.3000 will confirm the continuation of the correctional bearish wave on the short term basis.