GBP/USD Classical 07.27
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 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. However, a close back above 1.5500 delays outlook and gives reason for concern.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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