• Bullish resumption after daily consolidation phase or a weekly reversal

• Potential weekly shooting star candlestick can warn of a direction change

• Shooting star: small real body at lower end of its range, long upper shadow

• This week's price action needs to close towards the 1.3266 opening level

• Price breached the upper 20-week Bollinger this week: overbought warning

• Weekly RSI and momentum readings are also at overbought levels

• A minimum correction of the 1.2712-1.3422 rally has already been met: 1.3254

• The next Fibo levels off that move are at 1.3151 and 1.3067
GBP/USD weekly candle chart:


GBP/USD daily candle chart:

(Peter Stoneham is a Reuters market analyst. The views expressed are his own)