gbp-usd

GBP/USD - While the rally of the past few days has been impressive, the overall structure still looks quite toppish and we would expect to see the recent surge above 1.6500 to stall out at any moment. A closer look at the daily chart is quite revealing, with the market showing some strong internal resistance between 1.6665 and 1.6745 (former shoulder resistance of major h&s top). Ultimately, Wednesday’s low by 1.6345 needs to be broken to officially signal a bearish continuation.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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