GBPUSD looking to Rebound

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GBP/USD may stage a larger rebound as it snaps the recent series of lower highs & lows, with a move back above the 1.2950 (23.6% retracement) to 1.3000 (61.8% retracement) area bringing the 1.3090 (38.2% retracement) region back on the radar.
The IG Client Sentiment Report shows 73.7%of traders are net-long GBP/USD compared to 65.8% at the end of March, with the ratio of traders long to short at 2.8 to 1.