gbp-usd

GBP/USD: Our outlook for the pair remains well intact with the market adhering to the multi-month consolidation after failing ahead of 1.7000 and rolling back over into the well defined range. Look for a sustained break below 1.6250 to now open the door for some deeper setbacks over the coming weeks towards next key support by 1.5705. In the interim, below 1.6250 will expose initial previous resistance turned support by 1.6130. Rallies should now be well capped ahead of 1.6500, with only a break back above the psychological barrier to delay outlook.

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