GBP/USD Classical 07.23
GBP/USD: The latest rally has stalled out ahead of key resistance just over 1.5500 and we look for a medium-term lower top to now carve out by 1.5470 ahead of the next major downside extension below 1.5000. Key short-term support now comes in by 1.5000, and a break below this level will be required to confirm bearish bias and accelerate declines. Back above 1.5400 delays outlook and gives reason for concern.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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