gbp-usd

GBP/USD – Is in the process of consolidating the heavy setbacks seen in the previous week after failing by formidable internal range resistance in the 1.6700 area. Any recovery rallies are now expected to be well capped ahead of 1.6500, with a lower top sought out ahead of a fresh downside extension through next key support at 1.6240.  Ultimately, only back above 1.6700 negates and gives reason for pause.

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