GBP/USD Classical 07.12
GBP/USD: The recent rally in the market has been classed as corrective with the pair looking to carve out a fresh medium-term lower top below 1.5500. The latest price action seems to confirm our outlook with the formation of a double top just over 1.5200 on the daily chart, following the break back below neckline support at 1.5080 which now could accelerate declines towards next key support by 1.4870 over the coming sessions. Ultimately, only a break back above 1.5500 would negate bearish outlook.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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