Strategy: Flat
GBPUSD has taken out resistance at the top of a downward sloping channel established from Sep-Nov 2009, suggesting the multi-month medium term downtrend has been reversed. However, confirmation seems in order with prices showing a bearish Dark Cloud Cover candlestick formation below support-turned-resistance at 1.5529, the potential site of a double top. We will remain on the sidelines for now as positioning gains greater clarity.
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