GBP/USD: Rallies have stalled out with the market failing to break back above the 1.5500 range highs and rolling back over in favor of a bearish continuation. Initial support by 1.5190 has been taken out and next key support comes in by 1.5130. Look for a close below 1.5130 to accelerate declines and potentially warn of a retest of the 2010 lows by 1.4780 over the coming days. Any intraday rallies are expected to be well capped ahead of 1.5400.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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