GBP/USD Classical 07.15
GBP/USD: Any attempts for a bearish resumption have been put on hold with the market being well supported on dips into the 1.5000 area which coincides with both the 20/100-Day SMAs. Nevertheless, we retain a bearish outlook and look for any additional rallies to be well capped ahead of 1.5500, ideally bellow 1.5400, where a fresh medium-term lower top is sought out ahead of the next major downside extension. Key support now comes in by 1.5170, and a break and close back below this level will help to relieve topside pressures.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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